When NatWest came to market with its second social bond on February 23, it received a warm welcome from investors.
The €1 billion deal – the first from a British banking group designed to fund affordable housing loans – attracted more than €4 billion of orders from buyers in the UK and Europe, and priced inside the yield curve for NatWest’s conventional bonds.
The group has been a pioneer of social bonds in the UK, issuing its first deal – a €750 million bond from Royal Bank of Scotland targeting SME lending in deprived areas – in November 2019.
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