{"id":40477,"date":"2019-07-31T20:48:29","date_gmt":"2019-07-31T18:48:29","guid":{"rendered":"https:\/\/csregypt.com\/?p=40477"},"modified":"2019-07-31T21:51:30","modified_gmt":"2019-07-31T19:51:30","slug":"a-new-sustainability-bond-got-10-times-the-investor-interest-it-needed","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/a-new-sustainability-bond-got-10-times-the-investor-interest-it-needed\/","title":{"rendered":"A new \u2018Sustainability Bond\u2019 got 10 times the investor interest it needed"},"content":{"rendered":"

The\u00a0Low Income Investment Fund<\/a>, a San Francisco-based nonprofit, met with 10 times the investment interest it needed to float a $100 million \u201csustainability\u201d bond last week, indicating strong demand for such bonds. LIIF will use the proceeds to support community development projects, according to the Barron’s Magazine.<\/p>\n

Demand from buyers including Pacific Investment Management Company, Nuveen, and Neuberger Berman helped the fund lock in durations of seven and 10 years for its debt, improving its credit profile. LIIF says the offering will enable it to lend to developers and nonprofits \u201cwith more stable, lower-cost, and longer-term capital, which supports their long-term sustainability and enables them to provide much-needed services in their communities.\u201d<\/p>\n

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The degree of interest was surprising: To the best of LIIF\u2019s knowledge, similar deals typically have been 1.5 or two times oversubscribed. The fund ascribes the interest to its financial profile; an appreciation of the mission of community-development financial institutions (CDFIs); a \u201cbuilding understanding and education of the market,\u201d and third-party ratification of sustainability. \u201cIt all kind of came together,\u201d says Daniel Nissenbaum, LIIF\u2019s chief executive officer.<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\u201cIf you\u2019re an investor\u00a0and you\u2019re looking for impact<\/a>, and an investment-grade rating, and stability, and a record, it was all wrapped up in a bow there for people,\u201d he tells\u00a0Barron\u2019s<\/em>.<\/p>\n

The debt sale, run by\u00a0Morgan Stanley<\/a>\u00a0and J.P. Morgan, was the first of its kind for LIIF, and shows the growing demand for investments with positive social and environmental impact. Investors have been talking about so-called \u201cgreen bonds\u201d and other \u201csocially responsible\u201d investments, but supply has been short. Since 2014, the\u00a0Climate Bonds Initiative<\/a>\u00a0has publicly certified $88 billion of bonds, across fewer than 200 issuances. The amount of credit-market debt outstanding in the same period has expanded to $72 trillion from $61 trillion, according to the Federal Reserve.<\/p>\n

\u201cWhile sustainable initiatives are gaining traction and green-bond issuance has registered impressive growth rates, this issuance represents less than 5%\u201d of the municipal market,\u00a0UBS<\/a>\u00a0Global Wealth Management\u2019s chief investment office stated in a note last month.<\/p>\n

\u201dThus far there has been a lack of clear pricing benefit to issuers,\u201d UBS strategists led by Thomas McLoughlin and Kathleen McNamara wrote. \u201cSome issuers will be reluctant to enter the green-bond market until a pricing advantage is clearly established…as the demand for green bonds further develops.\u201d<\/p>\n

LIIF, which\u00a0describes itself<\/a>\u00a0as a \u201cbridge between private capital markets and low income neighborhoods,\u201d says it will use the money to fund projects similar to the work it has supported in the past: building or preserving affordable housing in San Francisco or Washington, D.C., or building centers with health-care or retail services in neighborhoods with limited access.<\/p>\n

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\u201cWe are excited to partner with an organization such as Low Income Investment Fund, which works to create a societal impact while maintaining a historically low default rate in their fund,\u201d says James Lyman, co-portfolio manager of Neuberger Berman Impact Investments.<\/div>\n<\/div>\n<\/div>\n<\/div>\n

This is the first bond from a CDFI to get\u00a0a second-party opinion on sustainability<\/a>\u00a0aspects from data provider Sustainalytics. LIIF says it is also the first CDFI bond to align with the United Nations\u2019 Sustainable Development Goals.<\/p>\n

S&P Global Ratings rated the new bonds A- with a positive outlook, citing LIIF\u2019s \u201ccontinued strong loan performance and management team that has addressed refinancing and variable rate debt risk.\u201d LIIF has one of the lowest delinquency rates among rated CDFIs, S&P says.<\/p>\n

LIIF estimates that the $2.5 billion in financing and technical assistance it has provided since 1984 has generated $65 billion in \u201cfamily income and societal benefits.\u201d The organization says that efforts it has supported have created and preserved 78,000 units of affordable housing, 271,000 child-care spaces, 98,000 spaces in schools, and 36 million square feet of community facilities and commercial space.<\/p>\n

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While some of LIIF\u2019s financial metrics lag those of its higher-rated competitors\u2014the fund has had a 43% ratio of net assets to debt over the past five years, compared with a median of 69% for peers\u2014S&P analysts Richard Kubanik and Ki Beom Park wrote, \u201cthis refinancing greatly reduces LIIF\u2019s overall risk profile.\u201d<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Prior to this issuance, almost 27% of LIIF\u2019s debt was due by 2021, S&P says.<\/p>\n

The new issue refinanced outstanding floating-rate debt, which provides certainty. Locking in longer maturities was helpful, too, Nissenbaum says, as banks have ratcheted down the tenor of debt they\u2019ll offer in recent years, due to capital rules and other reasons: \u201cWe used to be able to rely on three, four, five-year termed and fixed-rate sources of capital, and over the years that funding market has changed and we\u2019re now on two- to three-year revolvers [with] floating rates.\u201d<\/p>\n

That created a mismatch for the organization, given that their community loans are longer-term and at fixed rates.<\/p>\n

\u201cYou can see why the bond market is exciting for us,\u201d he says.<\/p>\n

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<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The\u00a0Low Income Investment Fund, a San Francisco-based nonprofit, met with 10 times the investment interest it needed to float a $100 million \u201csustainability\u201d bond last week, indicating strong demand for such bonds. LIIF will use the proceeds to support community development projects, according to the Barron’s Magazine. Demand from buyers including Pacific Investment Management Company, […]<\/p>\n","protected":false},"author":410,"featured_media":40481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6035],"tags":[6402,6546],"yoast_head":"\nA new \u2018Sustainability Bond\u2019 got 10 times the investor interest it needed - Csr Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/a-new-sustainability-bond-got-10-times-the-investor-interest-it-needed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A new \u2018Sustainability Bond\u2019 got 10 times the investor interest it needed - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Low Income Investment Fund, a San Francisco-based nonprofit, met with 10 times the investment interest it needed to float a $100 million \u201csustainability\u201d bond last week, indicating strong demand for such bonds. LIIF will use the proceeds to support community development projects, according to the Barron’s Magazine. 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