In May 2020, BBVA was the first private financial institution in Europe to issue a COVID-19-related social bond and, two months later, the Bank was the first financial institution to issue contingent convertible perpetual bonds (CoCos) classified as green bonds, for EUR 1 billion. The funds will be used to finance eligible green assets in BBVA's portfolio. The portfolio is diversified into assets from different green sectors: energy efficiency, renewable energy, sustainable transportation, waste management and water management.