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Alternative Market Briefing

Low Income Investment Fund completes inaugural debt issuance at 10x oversubscribed

Thursday, August 01, 2019

Bailey McCann, Opalesque New York:

The Low Income Investment Fund (LIIF) has issued its first public debt offering with a $100 million Sustainability Bond issuance. The Community Development Financial Institution (CDFI) offering was ten times oversubscribed.

LIIF is a community development financial institution that is focused on community building initiatives including providing financing for low-income housing and other projects that may have high social value but limited capital raising prospects.

LIIF's issuance, which received an A- positive outlook rating from S&P and was led by Morgan Stanley as senior manager with JP Morgan Securities as co-manager. The offering attracted significant interest from global investors such as Nuveen, Neuberger Berman, and PIMCO. LIIF's issuance is the first CDFI bond issue to receive a second party opinion from Sustainalytics to further validate LIIF's Sustainability Bond Framework. This is also the first CDFI bond to align directly with the United Nations' Sustainable Development Goals.

"We think there is a small but growing market for CDFI bonds," said LIIF CEO Daniel A. Nissenbaum in an interview with Opalesque. "The interest in our offering shows that institutions are ready and willing to back CDFIs that come from firms with a respected track record."

Nissenbaum adds that the issuance broadens LIIF's investor base and helps to manage interest rate risk. The tenors in the offering go out over a ......................

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