高盛作为美国的第一个社会影响债券的投资者签署了一项新的公私融资结构，要求投资者承担政府资助的社会计划的成果的至少部分风险。虽然Goldman的风险在彭博慈善者有点减弱，但该投资表明，适当的社会影响债券市场可能不会太远。
“我觉得大多数人认为这将在一开始的是哲学的飞行员的一开始就会吸引慈善资金，”克里斯汀·格特里斯说，克里斯汀·格特里斯（Kristin Giantris）说，他们通过非营利组织金融基金（NFF），纽约基于贷款，咨询和其他服务支持非营利组织的组织。“现在我们正在寻找与商业投资者的概念证明，我认为这很重要。我认为这笔交易可以在潜在的投资者在这些交易中跨越市场。“
因为社会影响债券是美国的全新概念，它将遵循的是，这个行业的建立它也是一个新生的一个，也需要多年来混凝土。但是，Giantris说不，指出已经开发的基础设施 - 支持美国的社区再投资实践 - 可以很容易地适应社会影响债券市场。如果是这种情况，那么良好的社会影响债券制造业可能不会在美国那样偏远。
美国的银行长期以来一直对社区再投资法案(CRA)负有责任，该法案于1977年由国会通过，旨在鼓励金融公司向当地社区提供信贷援助。
“我们在美国有一个基础设施，与世界上的其他地方不同，这真的可以被挖掘出来，”Giantris说。“我们与NYC交易所说的是，'这是一个新产品。它在社区投资空间，它进入银行中已经存在的资本和专业知识。对于他们而言，社会影响债券是沿着连续体的一步。“
法律还向这些机构提供了激励，以便在社会影响债券中更密切地看待。Goldman’s Alicia Glen, who heads Goldman Sachs’ Urban Investment Group — the division that made the investment — allows that “I believe we’ll get CRA credit” for the investment, but hastens to add that it’s a $10 million transaction in a CRA portfolio of over $2 billion, and that “we’re not doing this to get an A+ on our CRA exam.” Her group’s involvement, she says, was motivated by a desire to be in on the ground floor “of what we hope will ultimately become a much more broadly available financial instrument.” She adds that the investment aligns with the mission of the Urban Investment Group, which is to seek attractive investment opportunities that also entail social and economic benefits for underserved urban areas.
The details of the nation’s first social impact bond were revealed in early August, when New York City Mayor Michael Bloomberg announced that Goldman would invest $9.6 million to cover the costs of a program designed to reduce youth recidivism by providing education, training and counseling to 16- to 18-year-olds incarcerated on Rikers Island. Goldman’s investment, structured as a loan to the nonprofit overseeing the intervention, will cover the program’s cost for four years (and makes the “bond” descriptor something of a misnomer). If, after that time, the program is deemed a success — a threshold achieved if recidivism falls by 10 percent or more — the city’s Department of Corrections will repay Goldman’s loan in full. Depending on how sharply the rate of reoffending falls, the $923 billion financial firm stands to earn a return of up to $2.1 million from the deal (provided recidivism drops by 20 percent or more).
但在政府改革者看来，社会影响债券最引人注目的一个方面是，如果该计划未能实现目标，将会发生什么:市政府不欠任何债。
Kristin Micner是副市长Linda Gibbs的职员主任，纽约市一直探讨了一年多的社会影响债券。The inspiration came from the U.K., where a pool of £5 million ($8.21 million) collected from individuals and charities has been invested in the world’s first social impact bond pilot, which is funding a recidivism-prevention program at a prison in a suburb of London. After Deputy Mayor Gibbs saw a presentation on the innovative financing concept, Misner was tasked with combing through the city’s portfolio of social programs and asking herself where the SIB model might best apply.
“你想找到那些有高前期成本来提供干预的程序，并弄清楚将私人资助带到桌面的地方可以帮助推进政府尚未提供资金的问题，”她解释道。
青年累犯计划备受良好。进入Rikers的青少年有48％的机会返回次年。如果该计划成功降低该百分比，该市几乎可以立即节省成本，而不是等年或数十年来进行干预累积的益处。更重要的是，在监狱里花费的夜晚花费了城市的一定程度 - 这也意味着避免的夜晚。这有助于该市及其合同伙伴避免确定在交易中命名的成本，门槛和退货方面的主观性。
“对于我们可以阻止回来和被提取的每个年轻人，有一个边际成本节约，”米纳说。“那些节省的人特别大，当你阻止足够的年轻人来回到来，你可以关闭住房单元，关闭监狱的翼，也许，理想情况下，你可以关闭监狱。”
高盛的格伦表示，这种社会影响债券的独特之处在于，它既新颖又客观、明确的条款吸引了她的客户。她表示:“我们能够非常坦然地面对风险、我们希望实现的回报以及合作关系。”
但她补充说，要适应这些条款和预期的结果，需要对该项目进行大量的第一人称研究。
“这不是被动的承保或分析的被动类型，”她说。“我们出去骑行者，我们遇到了守望者，我们以物理方式理解将发生的事情。我不知道经常有一群高盛银行家在骑车者上谈论守望者，但我们在那里。“
甚至鉴于那种参与程度，高盛准备再次做到这一点。纽约市于8月2日发布了对兴趣表达的请求，寻求关于感兴趣的非营利组织更多SIB设置的建议。Goldman想继续参与，至少在早期，Glen表示，每笔交易都需要尽可能仔细审查。“每个人都被定制了。这不是商品产品，它不会很长一段时间，“她说。“那将是一个胜利。”毫无疑问，这笔交易更有吸引力的是，纽约城市社会影响债券从其U.K. Inspiration：Bloomberg Phillantropies，Mayor Bloomberg的个人基础提供了720万美元的贷款保证，使高盛潜在的下行减少了240万美元。Glen says that the guarantee was already on the table when Goldman entered the SIB conversation in NYC and adds that she can’t speculate on whether the bank would have gotten involved without that assurance, though she does say, “It helped us get more comfortable with the risk.”
在马萨诸塞州，一个国家将在几周内宣布自己的SIB合同的细节，以解决少年司法和慢性无家可归，管理部长Jay Gonzalez证实没有这样的贷款担保将成为该交易的一部分。这可能会影响最终发出兴趣的投资者类型。
“We don’t plan to provide any kind of guarantee, so at the end of the day, the investor is going to need to be willing, in our transaction, to take on substantial, if not all, of the risk,” Gonzalez says. “I think the philanthropic investors, generally speaking, are probably more likely, from a mission-driven perspective, to be interested in these types of transactions and to make investments at reasonable rates of return, as opposed to commercial rates of return.”
Giantris NFF说,县,城市和州宣布下一轮SIB交易——这是可能包括纽约州,洛杉矶县,全国的少数人——纽约交易可能会作为一个重要的模型。
“我认为纽约州纽约队推动了市场是，您可以将商业投资者融入了这些类型的交易，但鉴于这是该国的第一次交易，会有一定程度的风险mitigation that’s needed,” she says. “In this case, the risk mitigation came in the form of the partial guarantee. I do think that it’s a great precedent.”