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What are RCB bonds?

RCB bonds are a type of fixed rate bond specifically issued on behalf of pioneering charities and other impact-led businesses. Their function is to raise unsecured debt finance from investors looking for a predictable, fixed income over a set term of years.

RCB bonds are available to both institutional and private investors. For private investors they can be purchased through a regulated stockbroker or wealth manager.

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RCB bonds: real impact highlights

  • £397m

    in RCB bonds issued since 2014

  • £11m-£50m

    the range of RCB bonds issued since established in 2014

  • 13

    13 RCB bond issues to eight charities and impact-led organisations

  • 10 years

    RCB was launched 10 years ago to break down the barriers to the bond market for charities and other impact-led organisations

  • 8

    the number of impact-led organisations to have raised capital via RCB bond issues so far

  • Real Impact Stories

    Dolphin Living

    In 2017 RCB issued £45m of bonds, including £20m of retained bonds, for Dolphin Living, enabling the charity to further finance the provision of affordable housing to working Londoners in and around Westminster. Dolphin Living provides 850 homes across nine London boroughs at rents which are below market rent – on average 53% of local market rent.

  • Real Impact Stories

    Greensleeves

    Greensleeves Homes Trust raised £75m from RCB investors through two bond issues to develop much needed new homes for older people, including those living with dementia. At the time of its first bond issue, Greensleeves was the first charitable care home provider to raise finance through this type of listed bond, and it was the largest RCB bond issue at the time.

  • Real Impact Stories

    Charities Aid Foundation

    RCB has issued two series of bonds for Charities Aid Foundation (CAF) for investors inspired by its work globally to bring together governments, philanthropists, foundations and companies to tackle entrenched social issues. The RCB bonds support CAF’s work to provide income for over 100,000 charities across 135 countries.

  • Real Impact Stories

    Golden Lane Housing

    Golden Lane Housing is one of the country’s leading supported housing landlords, enabling people with learning disabilities to live independently in their own homes. RCB has issued three series of bonds for GLH since 2014, which were all oversubscribed, showing how RCB investors have been enthused to accelerate and scale this pioneering work.

  • Real Impact Stories

    The Alnwick Garden Trust

    The subject of a popular Channel 4 documentary, social enterprise The Alnwick Garden Trust raised funding from RCB investors in 2020 to finance the construction of the world’s largest play structure at this breathtaking visitor attraction in Northumbria.

  • Real Impact Stories

    Hightown Housing Association

    Hightown is a housing association, operating in south east England to help people who need support and care or who cannot afford to buy or rent a home at market values. RCB has issued £65m of bonds through two issues for Hightown, enabling the charity to meet the high demand for its homes.