New York Raises $319 Million in Inaugural ESG Bond Offering

New York State Comptroller Thomas P. DiNapoli announced the completion of a new sustainability bonds issuance, raising $318.9 million, with proceeds earmarked to fund investments in transportation, education and environmental projects.

The sale marks the state’s first-ever offering of ESG-designated General Obligation (GO) bonds.

According to the Comptroller’s office, proceeds from the new bonds will help finance projects authorized by voter-approved bond acts, in categories including environmental quality, clean water and clean air, transportation, smart schools and green jobs.

The offering consisted of two series of bonds, including $59.5 million of Taxable sustainability bonds that will mature through 2032, and $259.4 million of Tax-exempt sustainability bonds that will mature over 15 years, from 2032 through 2046.

DiNapoli said:

“These bonds, all of which have been approved by the voters, will pay for essential investments in transportation, education and environmental projects. The ESG designation as Sustainability Bonds demonstrates the State’s commitment to progress by financing projects for environmental and social issues.”