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City of Atlanta Announces Successful Sale of $410 Million General Obligation Bonds

The sale includes the City's first sale of social bonds, the proceeds of which will finance a variety of transportation, parks and recreation, public safety facilities and public art.

ATLANTA—On November 3, 2022, the City of Atlanta completed the sale of $409.7 million of General Obligation Bonds in three series—including $369.38 million of General Obligation Public Improvement Bonds, Series 2022A-1 sold as "Social Bonds." Social Bonds are generally defined as bonds which fund capital projects new and/or existing eligible social projects and which are aligned with the following four core components of the Social Bond Principles: Voluntary Process Guidelines for Issuing Social Bonds June 2021 (with June 2022 Appendix 1), which are published by the International Capital Market Association ("ICMA"): (a) use of proceeds; (b) process for project evaluation and selection; (c) management of proceeds; and (d) reporting. Proceeds of the City's Series 2022A-1 Bonds sold as Social Bonds will be used to fund a variety of capital projects including vital transportation, recreation, public safety and public arts projects across the City.

In connection with the City's inaugural issuance of Social Bonds, the City prepared a Social Bond Framework to document certain processes and commitments to social benefits and engaged Morningstar Sustainalytics to review its Social Bond Framework and deliver an independent second party opinion on the Framework's social credentials and its alignment with the ICMA Social Bond Principles referenced above.

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During the order period for the Series 2022A-1 Bonds, the City received more than $1.2 billion of priority orders from 54 institutional investors, representing oversubscriptions ranging from 2.5x to almost 6x on various maturities.

Strong investor demand for the Series 2022A-1 Bonds resulted in yields being reduced by 3-5 basis points from 2023 through 2029, and by 2-4 basis points in 2030 through 2037. Final yields ranged from 3.17% in 2023 to 4.38% in 2042.

"This bond sale shows that the City of Atlanta is able to attract strong investor demand based upon the strong credit quality of the City. Additionally, we were able to tap into the growing investor demand for social and sustainable investments, while providing an attractive cost of capital for these vital capital projects," said City of Atlanta Chief Financial Officer Mohamed Balla.

The proceeds of the sale of the Series 2022A-1 Bonds will be used to fund a portion of the City's Moving Atlanta Forward Infrastructure Program, which was overwhelmingly approved by Atlanta voters on three ballot measures in May of this year. The ballot measures—two ballot measures related to the issuance of general obligation bonds and one ballot measure related to the renewal of a special sales tax for transportation projects—will put a total of $750 million toward funding infrastructure needs across streets, sidewalks, parks, recreation centers, public safety facilities and public art projects.

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The City received ratings on the Series 2022A-1 Bonds of Aa1 (stable) and AA+ (stable) from Moody's Investors Service and Fitch Ratings, respectively.

The Series 2022A-1 Bonds were underwritten through a syndicate led by joint book-running managers J.P. Morgan Securities and Siebert Williams Shank. Blaylock Vann and PNC Capital Markets served as co-senior managers and Stern Brothers served as co-manager.

Additional information can be found at the City's investor relations website:


For more information about the City of Atlanta, please visit or watch City Channel 26. Follow the City of Atlanta on Facebook and Twitter @CityofAtlanta.

Filed Under: Government, City

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