Clifford Chance and Allen & Overy are advising as RBS becomes the first U.K. financial institution to issue a "social bond", which aims to address regional inequality and promote economic growth in the U.K.'s most deprived areas.

The issuance, which has raised about £650 million ($839 million), is the first issued under RBS's new framework and is, according to a statement by Clifford Chance, the first "exclusively social bond" issued by a U.K. financial institution.