Kestrel provided a Second Party Opinion for a Social Bonds designation for the Commonwealth of Massachusetts in the largest Social, Green, or Sustainability Bond issuance in the municipal market to date. The bonds will be used to repay outstanding federal advances borrowed to pay unemployment insurance benefits which spiked in 2020 as a result of the COVID-19 pandemic and replenish the Unemployment Insurance Trust Fund to pay for future benefits. The Unemployment Insurance Program plays a critical role in delivering economic relief to individuals and families experiencing financial hardship during the COVID-19 pandemic.