Report
Mark Thomas

MORHOMES 3.4% NOTES 2038/40: Sustainable bond framework and earnings

In this note, we examine MH’s eligibility to issue sustainable bonds. Its strong ESG credentials were explored in detail in our 11 September 2020 initiation, Low-risk issuer in a low-risk market, with its borrowers providing social housing in an environmentally friendly manner. Critically, MH now has the processes, audit trail and multi-layered independent verification to evidence compliance with sustainability bond requirements, and so access this new investor base. The housing association (HA) market is low-risk, and MH has taken the incremental steps to further reduce risk, driving sustainability in earnings as well.
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Hardman & Co
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Analysts
Mark Thomas

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