HF Receives Asia’s Best Social Value Bond Award
- Date 2019-01-14
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HF Receives Asia’s Best Social Value Bond Award
- The Asset recognizes Asia’s first euro social covered bond offering
Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced on January 14, 2019, that The Asset, one of the world’s leading financial publications, has honored HF with Asia’s Best Social Value Bond Award 2018.
The Asset stated that HF was presented with the award for successfully issuing 500 million euros of five-year social covered bonds (bonds with dual recourse)*, a first in Asia, in the European market, the birthplace of the covered bond. Among other achievements, HF accomplished this last October.
* Covered bonds are debt securities issued by a financial institution, which are secured by a pool of mortgages or other prime assets. Covered bonds provide investors with both recourse against the issuer and a preferential claim against the underlying cover pool over third-party claims.
An HF official said, “This award shows that we are internationally recognized for our state-sponsored mortgage loans and loan securitization business that have improved the housing welfare of low- and middle-income households and enhanced stability in the nation’s housing market, thereby contributing to greater social value. We will issue covered bonds on a regular basis in order to diversify our fund-raising channels for low-interest, state-sponsored mortgage loans down the road.”