Australia on target with second 10 million dollar Bond. Good news!
Australia’s Second SBB Hits $10m Target
Financial Standard
Australia’s second social benefit bond (SBB), issued by the Benevolent Society in partnership with the Commonwealth Bank of Australia and Westpac, has closed after raising its target $10 million.
The Benevolent Society SBB, which will help fund the establishment of The Resilient Families preservation service, attracted investment from individual, family office and institutional investors. NRMA Motoring & Services and Australian Ethical Investments were among the key investors.
The SBB is divided into two tranches – a senior tranche accounting for $7.5 million, with the principal guaranteed, and potential yield of 10%; and a junior, unguaranteed tranche, accounting for the remaining $2.5 million, with a maximum yield of 30%.