JPMorgan Chase & Co. has issued $1 billion in inaugural social bonds, which are expected to fund affordable housing projects. The fixed-to-floating rate notes are due 2025. The co-managers for the social bond offering consisted solely of minority and women-owned business enterprises and service-disabled veteran-owned business firms, according to JP Morgan Chase.

"JPMorgan Chase is committed to using innovative financing strategies to support a sustainable and inclusive recovery," said Marisa Buchanan, Head of Sustainability at JPMorgan Chase said in a prepared statement. "With a focus on boosting affordable housing, our inaugural social bond issuance builds on our leadership in the sustainable bond market and our strategy to use our business expertise to create opportunity for underserved communities."

The firm's sustainable bond framework targets activities that promote economic development in low- and moderate-income areas by financing small businesses, affordable housing and projects that promote access to education and health care.