Social bonds gain importance as a reserve asset

More than two-fifths of benchmark respondents invest in social bonds

Central banks appear to have increased their exposure to social bonds during the past year, as significant issuance increased the pool of available assets in the market.

In total, 42.9% of 42 participating central banks reported they invest in such instruments in Reserve Benchmarks 2021, up from 30.5% in 2020.

Still, most institutions allocate a small share of their portfolios to these assets. These more commonly range from 0% to 2%. However, one European central bank said it invests 3% of its

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