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Professional investors

RCB bonds offer institutional investors a vanilla fixed income product that contributes to social and environmental impact.

The bonds fund activities creating positive outcomes for people and the planet, suited to Article 9 and Sustainability Impact funds, as well as ethical investors.

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These are some of the reasons RCB bonds appeal to institutional investors:

RCB bonds are listed on the Official List of the FCA and traded on the main market of London Stock Exchange. They can be settled through Euroclear, Clearstream or CREST.

Pricing information is available at any time in market hours, and each series of bonds has at least one registered market maker.

Bonds are available in small denominations, facilitating allocation to multiple funds.

RCB was set up to offer a standardised, vanilla fixed income product based around targeted impact themes. Each series of bonds funds a back-to-back loan to a single borrower, enabling you to identify and invest in the enterprises and charities aligned with your impact priorities, as well as diversifying your portfolio.

The borrowers have a mission to deliver solutions to social and environmental issues, allowing investment managers to fulfil the objectives of Article 9 and Sustainability Impact funds.

You’ll be able to track the impact of your investments with annual social impact reports. In June 2021, RCB published a Sustainability Bond Framework that has been assessed by S&P Global, allowing issues to be labelled as Social, Green or Sustainable Bonds, aligned with internationally recognised ICMA principles.

Each series of bonds funds a loan to an individual borrower. The limited recourse provisions in the terms mean there is no cross subsidy, support or risk between the bonds.

All applicant borrowers are subject to a review process and impact screening carried out by the Manager, Allia C&C.

Thereafter, each borrower reports on a regular basis and provides a social impact report. Additional updates are provided by Allia C&C on all bonds in issue, including performance data.

RCB has a Sustainability Bond Framework which is aligned to the Social and Green Bond Principles, as confirmed in a second party opinion from Standard & Poor’s.

  • 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.

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