Philadelphia Modifiers

Main Menu

  • Drag Racing
  • Racing Car Setup
  • Rallying
  • Show Cars
  • Bankroll

Philadelphia Modifiers

Header Banner

Philadelphia Modifiers

  • Drag Racing
  • Racing Car Setup
  • Rallying
  • Show Cars
  • Bankroll
Bankroll
Home›Bankroll›Inside Housing – News – UK’s largest housing association accepts £ 100million sustainable loan

Inside Housing – News – UK’s largest housing association accepts £ 100million sustainable loan

By Brent Suarez
April 7, 2021
0
0
New04.06.212:30 p.m. by Dominic Brady

Clarion Housing Group has secured a £ 100million loan from NatWest, the interest rate of which will depend on the association’s ability to meet environmental, social and governance (ESG) goals.

Image: Getty

Divide lines


Twitter IH

@Clarion_Group has secured a £ 100million loan with NatWest, the interest rate of which will depend on the association’s ability to meet environmental, social and governance (ESG) goals #UKhousing

NatWest will assess Clarion against its “Social Key Performance Indicator” (KPI), which will measure social value in the group’s supply chain. The second KPI attached to the agreement will measure the number of apprentices hired on Clarion sites.

If Clarion creates a fixed amount of social value and places an agreed number of apprentices, it will benefit from a lower interest margin on the loan.

The transaction follows two previous ones sustainability obligations issued by Clarion in January and November last year, valued at a combined £ 650million.

Clarion, which owns and manages 125,000 housing units, was one of the first social housing funders Sustainability reporting standard launched last year and separately produced his own ESG report for investors.



The loan is also Clarion’s first facility linked to the interest benchmark Sterling Overnight Index Average (SONIA), which will replace the London Interbank Offered Rate (LIBOR) at the end of this year.

SONIA is a method of calculating interest rates based on yesterday’s transactions, while LIBOR is based on forward projections made daily by experts.

Patrick Minjauw, Acting Director of Treasury and Corporate Finance at Clarion, said: “We can maximize the social value we deliver and help communities truly thrive by working with our partners.

“Our social value program engages our suppliers to help us achieve our social goals. We are delighted that banks such as NatWest recognize the impact of this program and provide financing at a lower interest rate. “

Hedley Hadfield, Director of Housing Finance at NatWest, said: “Providing a sustainability loan is a great way for the bank to help Clarion in its priority of supporting the communities it works with. Having two separate KPIs is something that we are starting to see more and more in the social housing industry, ensuring that any benefits we can pass on to borrowers are maximized.

The Clarion funding is part of NatWest’s recent commitment to support the housing association industry with £ 3 billion in new funding by the end of 2022.

Update at 4:40 p.m., 04/06/21:

This story has been edited to clarify that Clarion has previously issued sustainability bonds, not “sustainability related” bonds as previously stated.

Subscribe to our development and finance newsletter

Subscribe to our development and finance newsletter

Related posts:

  1. South Africa to make the changes needed to meet the 2030 emissions target
  2. Sea: Sri Lanka’s competitive advantage
  3. Happy Fish Fry Friday: Help Us Find the Best of Michigan
  4. PRESS RELEASE: Religious leaders speak out in favor of equality law

Recent Posts

  • Willowbank Raceway – General News: 400 THUNDER PRO SLAMMER STARS FEATURED IN NEW WINTERNATIONALS $40,000 DOUBLE HEADER SHOOTOUT
  • How to change brake pads and rotors
  • Boris Johnson’s passionate Rangers rallying call in full as PM thanks Ibrox club for ‘flying the flag’
  • Lawsuit accuses Houston-area dealership of failing to replace recalled airbag
  • Ranks rushes to Pearce’s aid after he leaves the field — The Capital Sports Report

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • October 2020
  • July 2020
  • August 2019
  • April 2019
  • February 2019

Categories

  • Bankroll
  • Drag Racing
  • Racing Car Setup
  • Rallying
  • Show Cars
  • Terms and Conditions
  • Privacy Policy