Australia welcomed its newest high-grade borrower and first programmatic social-bond issuer on 21 March, when National Housing Finance and Investment Corporation (NHFIC) priced its debut transaction. Leads say attractive credit fundamentals led to a well oversubscribed transaction supplemented by incremental demand from the social aspect.
On 8 March, Housing New Zealand (Housing NZ) announced it has developed a sustainability financing framework, which enables it to issue green, social and sustainability bonds to support the financing of its state housing build programme. The framework has been developed to align with International Capital Market Association green bond principles, social bond principles, sustainability bond guidelines and Loan Market Association green lending principles.
On 6 March, Argosy Property (Argosy) revealed it has allocated NZ$90 million (US$61.1 million) under the general offer in its seven-year green bond. Up to NZ$10 million remains to be allocated under the priority offer, which is expected to close on 20 March. The margin has been set at 175 basis points over mid swap, the low end of the indicative range.