Reykjavík Social Housing Lists the First Social Bond on Nasdaq Iceland
Reykjavik, 4 December, 2019 – Nasdaq (Nasdaq: NDAQ) today announced that Reykjavik Social Housing (RSH) has listed the first social bond on Nasdaq Iceland’s sustainable bond market. The bond is sized at about ISK 6.4 billion with a maturity of 47 years, guaranteed by the City of Reykjavik. The purpose of the issuance is to finance RSH’s rental housing, with the aim of increasing the number of rental units by at least 500 by the year 2022. This the fourth bond listed on Nasdaq Iceland’s sustainable bond market.
Reykjavík Social Housing (RSH) is a non-profit company owned by the City of Reykjavik, Iceland. The company owns, runs and maintains social apartments with the aim of providing affordable housing for individuals and families that are below a certain income per year. At the end of 2018 RSH owned 2654 rental apartments. RSH has established a Social Bond Framework aligned with the Social Bond Principles published by the International Capital Market Association (ICMA). The framework has received a second opinion from Sustainalytics, a global leader in ESG research and ratings, stating that RSH‘s social framework is robust, credible and transparent, and in alignment with the four core components of the ICMA’s Social Bond Principles.
ˮWe are very pleased and proud to the be the first social bond issuer on Nasdaq Iceland,” said Sigrún Árnadóttir, CEO at RSH. “The good reception the issuance got from investors indicates great support for our social projects and for that we are grateful. Our main aim is to continue providing stable and affordable housing not available in the private market, striving to ensure that all individuals and families have access to safe and affordable homes, regardless of social or economic status.”
“The listing of Reykjavik Social Housing’s social bond is an important milestone. We welcome them to a growing sustainable bond market,” said Magnus Hardarson, President at Nasdaq Iceland. “This first social bond on Nasdaq Iceland’s sustainable bond market is proof that consistently greater weight is being given to responsible investing than ever before, both when it comes to green and social projects.”
Fossar Markets managed the bond’s issuance as well as investor relations.
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