In this note, we examine MH’s eligibility to issue sustainable bonds. Its strong ESG credentials were explored in detail in our 11 September 2020 initiation, Low-risk issuer in a low-risk market, with its borrowers providing social housing in an environmentally friendly manner. Critically, MH now has the processes, audit trail and multi-layered independent verification to evidence compliance with sustainability bond requirements, and so access this new investor base. The housing association (HA) market is low-risk, and MH has taken the incremental steps to further reduce risk, driving sustainability in earnings as well.
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