Nation’s Top-Ranked Women- and Minority-owned Investment Banking Firm Has Participated in Over Half of all Corporate U.S. Social Bonds/ESG Bonds in 2021
Siebert Williams Shank & Co., LLC (SWS), the nation’s top-ranked women- and minority-owned investment banking firm, served as joint book-runner on a ground-breaking $750-million Social Bond offering for OneMain Finance Corporation, the first-ever from a high-yield issuer.
To date in 2021, SWS has participated in 55% of all corporate U.S. Social/ESG bonds, totaling $10.65 billion in aggregate issuance size.
The offering was upsized from an initial $500 million based on strong demand. The proceeds will be dedicated to consumer loans in credit insecure counties, with at least 75% of loans being made to minorities and/or women as part of OneMain Finance’s goal of enabling access to responsible financial products and services to vulnerable and historically underserved populations.
The offering is expected to close Tuesday, June 22. The bonds were issued in alignment with the International Capital Markets Association (ICMA) Social Bond Principles and the U.N. Sustainable Development Goals.
“OneMain is proud to partner with Siebert Williams Shank on our company’s first social bond transaction,” said David Schulz, OneMain Vice President and Treasurer. “We share a long-standing partnership with Siebert Williams Shank and are honored to have them as our joint lead manager in this transaction.”
“Our social bond will support credit-disadvantaged communities around the country by financing responsible loans – 75% of which will be allocated to women or minority borrowers,” said Paola Garcia Abbo, OneMain Vice President and Head of Corporate Social Responsibility. “As a women- and minority-owned firm, Siebert Williams Shank brought an innovative perspective that was invaluable in bringing this first-of-its-kind offering to market.”
“SWS is honored to work with partners, such as OneMain Financial, to support and invest in diverse communities across the country,” said SWS Chairman Christopher Williams. “Our experience in working with OneMain Financial has enabled us to assist the company in its critically important mission to provide financial support to underserved communities nationwide.”
“As the only investment bank certified as both women-owned and minority owned, we value the commitment OneMain has made to diversity,” said SWS CEO and President Suzanne Shank. “OneMain first gave Siebert Williams Shank a bond underwriting mandate in 2016 and has been a significant contributor to our continued growth. We are honored to be selected for this ground-breaking framework. OneMain’s focus on financial literacy aligns with our longstanding commitment to fostering educational opportunities and mentorship programs nationally.”
About Siebert Williams Shank & Co., LLC
SWS is an independent non-bank financial services firm that offers investment banking, sales and trading, research, and advisory services. It is the nation’s top-ranked MWBE corporate and municipal bond underwriter and is ranked No. 1 for national investment grade co-managing underwriters. Dually headquartered in New York and Oakland, SWS is comprised of approximately 120 diverse professionals spanning over 19 offices across the United States.
About OneMain Holdings, Inc.
OneMain Financial (NYSE: OMF) has been offering responsible and transparent loans for over 100 years. With about 1,400 locations throughout 44 states, the company is committed to helping people with their personal loan needs. OneMain and its team members are dedicated to the communities where they live and work.