Global bond issues totaled $99.9 billion in the second quarter of 2020 (Q2), a quarterly record and a 65% increase from the first three months of this year, according to a report by Moody’s Investors Service.

Both $33 billion in social bond issues and $19.1 billion in sustainable bonds were at record levels, as the coronavirus pandemic caused issuers to respond with labeled bonds. The volume of green bonds returned to 47.8 billion dollars, with an increase of 26% compared to the first quarter of 2020, but still modest compared to last year, according to financialintelligence.ro.

Moody’s forecasts now show that total sustainable bond issues in 2020 could reach between $325 billion and $375 billion.

“Volumes of social and sustainable bonds could now total $150 billion a year as efforts to respond to coronvirus and raise awareness of social care issues and continuing inequality support the emissions,” said Matthew Kuchtyak, an AVP analyst at the Moody’s Investors Service.