By Sarah Lizee
Olympia, Wash., Nov. 7 – Reykjavik Social Housing issued ISK 6.4 billion of 1.9% social bonds in a private placement, according to a press release.
The new social bond series, which is the first of its kind in Iceland, has a maturity of 47 years, pays a fixed real-interest rate and will be listed on the Nasdaq Iceland Sustainable Bond market.
The bond is guaranteed by the city of Reykjavik.
The issue proceeds will be used to support further investments in rental housing as Reykjavik Social Housing aims to increase their current apartment portfolio by at least 500 units by 2022.
Earlier this year, Reykjavik Social Housing published a social bond framework that conforms to the social bond principles published by the International Capital Market Association.
Fossar Markets managed the social bond issuance.
Circular Solutions advised on the social bond framework.
The issuer owns, runs and maintains social apartments and is based in Reykjavik, Iceland.
| Issuer: | Reykjavik Social Housing
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| Guarantor: | Reykjavik
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| Issue: | Social bonds
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| Amount: | ISK 6.4 billion
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| Maturity: | 47 years
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| Manager: | Fossar Markets
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| Coupon: | 1.9%
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| Announcement date: | Nov. 7
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