Project Details
Project
Icade Santé Social Bond Framework Second-Party Opinion
Client
Icade Santé
Project Type
Social Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
France
Evaluation Date
Sep 2020
Evaluation Summary
Sustainalytics is of the opinion that the Icade Santé Social Bond Framework aligns with the four core components of the Social Bond Principles 2020. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds – Access to Essential Services – is aligned with those recognized by the Social Bond Principles that seek to achieve positive socioeconomic outcomes. Sustainalytics considers that the eligible category may contribute to UN Sustainable Development Goal 3: Good Health & Well-Being.
PROJECT EVALUATION/SELECTION
Icade Santé has established a Social Bond Committee (the “Committee”) to manage the project evaluation and selection process. Project teams will evaluate and shortlist eligible projects/assets to the Committee, who will then validate their eligibility based on Icade Santé’s Social Bond Framework criteria. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Icade Santé’s process to manage proceeds is handled by the Committee and is managed using a portfolio approach. The lookback period for refinancing is three years and any unallocated proceeds will be invested by Icade Santé, in accordance with its investment guidelines, in cash, deposits and money market instruments or any other liquid short-term marketable instruments. This is in line with market practice.
REPORTING
Icade Santé intends to report on allocation of proceeds on its website, on an annual basis, until full allocation, or in case of any material changes. In addition, Icade Santé is committed to reporting on relevant impact metrics. The allocation and impact report will be published as a standalone report on Icade Santé’s website. Sustainalytics views Icade Santé’s allocation and impact reporting as aligned with market practice.