Ford Foundation plans $1 billion social bonds in response to Covid-19

By Devika Patel

Knoxville, Tenn., June 11 – The Ford Foundation announced that it plans a $1 billion sale of social bonds (Aaa/AAA), the net proceeds of which will be used for grantmaking to help sustain and strengthen mission-critical social justice and creative expression organizations in response to the existential threat caused by Covid-19.

The bonds will be underwritten by joint lead managers Wells Fargo Securities LLC and Morgan Stanley & Co. LLC. There will also be a group of co-managers.

Ford Foundation is a New York City-based private foundation formed with bequests by Edsel and Henry Ford that seeks to reduce poverty and injustice, strengthen democratic values, promote international cooperation and advance human achievement.

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