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How bond investments can help build homes
A social bond issued by South Korea’s primary public housing developer is helping fund new public rental housing for lower-income households
- Financing homes for lower-income tenants
- Supporting energy-efficient affordable housing
- Find out more about Pendal’s Responsible Investing capabilities
ACCESS to affordable housing has become increasingly challenging in many developed economies.
Rising housing costs can place significant pressure on lower-income households, particularly younger people, low-income workers and those at risk of homelessness.
Stable and affordable housing is often a prerequisite for securing employment, accessing services and participating fully in society.
Regnan Credit Impact Trust and Pendal Sustainable Australian Fixed Interest Fund invested in an AUD-denominated social bond issued by Korea Land and Housing Corporation, South Korea’s primary public housing developer.
Proceeds from the bond are dedicated to affordable housing projects, including the construction of new public rental housing, refurbishment of existing housing stock and rental support for lower-income tenants.
Eligibility is focused on households earning below 50 per cent of the national median income[1], with rents set well below market levels.
Thousands of additional affordable homes are expected1 to be delivered through these programs, helping reduce housing stress and improve access to long-term housing for underserved households.
The bond is primarily supporting the development of new affordable housing rather than refinancing existing projects.
Importantly, all newly constructed dwellings financed through the program must meet South Korea’s Zero Energy Building standard.
While the primary objective of the bond is social, improved building efficiency provides an important environmental co-benefit by supporting climate stability through lower energy demand over the life of the assets.
Like the fund’s investments in Housing Australia bonds, this investment supports long-lived social infrastructure that seeks to improve housing outcomes for vulnerable communities while also delivering environmental co-benefits through more energy-efficient buildings.
[1] Korea Land & Housing Corporation Social, Green and Sustainability Bond Framework
Find out about
Regnan Credit Impact Trust
George Bishay, Head of Credit and Sustainable Strategies
About George Bishay and Pendal
George Bishay is Pendal’s head of credit and sustainable strategies. George’s investment management career spans over 30 years with Pendal and its predecessor firms.
He has also worked across numerous fixed income, credit and money market portfolios in portfolio management, credit analysis and dealing roles for 27 years.
In 2019 George was awarded the Alpha Manager status by Money Management publisher FE fundinfo.
Find out more about Pendal’s fixed interest strategies here
Pendal is an Australia-based investment management business focused on delivering superior returns for our clients through active management.
This report has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL 431426.
It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice.
The product disclosure statement (PDS) for the Regnan Credit Impact Trust (Trust) and Pendal Sustainable Australian Fixed Interest Fund (Fund), issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the Trust or Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com.
This report may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PFSL does not warrant the accuracy or completeness of any information provided by a third party.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal.