Vigeo Eiris evaluates Société Générale’s inaugural issue of covered bonds with a Positive Impact
This €1 billion fixed-rate covered bond issuance will be used to refinance real estate loans dedicated to low-carbon housing.
This operation by Société Générale is the fifth issuance defined as Positive Impact regarding its contribution to the financing of a sustainable economy. It represents a first for the market, with the issuance of covered bonds including interest payments and nominal repayments guaranteed by mortgage loans.
Vigeo Eiris’ due diligence focused on an evaluation of Second Party Opinion leading to a reasonable level of assurance (the best on the agency’s scale of scores) regarding the effectiveness of the allocation of the funds raised and the alignment of the management and evaluation model for the projects covered by the issuance with the action and reporting principles defined by the agency’s own standards covering the guidelines of the Green Bonds Principles and the Principles for Positive Impact Finance. As an accredited verifier of the Climate Bond Initiative (CBI), Vigeo Eiris has also certified that this issuance is in line with the requirements of the CBI standard.