Alphabet Inc. sold $5.75 billion worth of bonds with rock-bottom yields in the largest corporate bond sale dedicated to environmental, social, and governance (ESG) purposes.
The parent company of Google is looking to fund organizations that support Black entrepreneurs, small and midsize businesses impacted by Covid-19, as well as affordable housing, among other eligible proceeds listed in bond documents seen by Bloomberg. The borrowings can also be used to finance clean energy projects and green buildings.
The bond sale comes amid a surge in similar offerings geared toward ESG efforts, with social bonds driving much of the increase due to the pandemic. Those offerings jumped 376 percent in the first half of 2020, compared with the same period last year, according to a report by BloombergNEF.
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