Kensington brings landmark ‘social RMBS’ to Europe

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By Tom Brown
28 Jan 2021

Kensington Mortgages is bringing the first labelled social RMBS in Europe, a landmark transaction set to be followed by others, as the securitization market catches up to other capital markets which have more readily adopted ethical frameworks. By Tom Brown.

A £472m deal, Gemgarto 2021-1, is a fully owner-occupied portfolio offering five tranches, including the 3.64 year senior notes, rated triple-A by Fitch and DBRS.

Banks are marketing the transaction as a social bond, which follows the International Capital Market Association's Social Bond Principles of 2020. ESG third-party ...

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