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Social housing bond aggregator MORhomes has completed its first sustainable bond through its new sustainability framework, with Cornerstone Housing securing £19.3m.
The bond for the 1,375-home South West-based sustainability bond has a 30-year maturity and takes MORhomes’ total loan book rise to £492m following the deal.
MORhomes is owned by 66 different housing associations, which can access finance through the funding vehicle.
The bond was issued under the MORhomes sustainability bond framework, which was established in February, and will allow small to medium-sized housing associations access to sustainable finance.
MORhomes said it intends to build the new maturity to benchmark size, providing a platform to enable greater issuance flexibility to housing associations and to showcase their sustainability credentials.
The framework requires borrowers to undergo a sustainable housing assessment independently certified by pan-European real estate consultancy Ritterwald.
Patrick Symington, chief executive of MORhomes, said: “We are proud to have developed a genuinely unique approach to assessing the sustainability impact of our housing association borrowers.
“Borrowers like Cornerstone who meet our standards are going above and beyond current requirements and helping meet the government’s zero carbon target and the United Nations Sustainable Development Goals.
“From this initial issue we intend to build up the new 30-year sustainability bond alongside our existing 17-year social bond.”
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