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First REIT Successfully Prices Singapore’s First Sealthcare social Bond

First REIT Successfully Prices Singapore’s First Sealthcare social Bond

April 1, 2022 – First REIT Management Limited announced that Perpetual (Asia) Limited (in its capacity as trustee of First REIT) has priced the first-ever healthcare social bond in Singapore in conjunction with its inaugural Social Finance Framework (SFF).

The SFF creates a platform for the issuance of bonds and loans granted on achieving specific social benefit outcomes and the United Nations Sustainability Development Goals (UNSDGs).

With a credit guarantee from the Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (CGIF), this launch also marks the first time CGIF is providing a guarantee for a social bond issued within the Singapore real estate investment trust (REIT) market and the Singapore debt market in general.

Denominated in Singapore dollars, the Trust successfully priced a S$100 million in aggregate principal amount five-year guaranteed bonds of 3.25%, payable semi-annually in arrears and are expected to be issued on or around 7 April 2022. The Bonds constitute direct, unconditional, unsubordinated and (subject to the negative pledge under the terms and conditions of the Bonds) unsecured obligations of the Issuer and, save for such exceptions as may be provided by applicable legislation, rank at least equally with all other unsecured and unsubordinated debts of the Issuer. 

Read more here..

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