The State of North Rhine-Westphalia issued its tenth Sustainability Bond with a volume of 2 billion euros and a tenor of 10 years in May 2023 to finance sustainable projects of the State. The Bond thus particularly aims at investors who value sustainable investments. The Sustainability Bond includes social and environmental projects, for example in the fields of education, research, renewable energies, climate protection, digitization and infrastructure. For the first time, it is shown for the Bond’s social projects how they would fit the proposed Social Taxonomy using a high-level AAAQ analysis.