BNY Mellon has been appointed to provide corporate trustee services for the first issuance of UK disability charity Scope’s 20 million bond program.
Proceeds form the issuance will be used for fundraising programmes and for investing in Scope’s network of charity shops.
Investing for Good, a specialist adviser to private banks, asset managers, foundations, social enterprises and charities on investments that have an intentional social/economic goal, will act as the arranger on the programme.
Dean Fletcher, head of Corporate Trust for Europe, Middle East and Africa at BNY Mellon said: Providing our services on a pro-bono basis for Scope, alongside other market participants, means the charity can access the capital markets in this innovative way. It is our great pleasure to be able to assist Scope in meeting their financial and ethical goals”.
Last week, BNY Mellon was appointed by Moat Housing Association in the UK to provide corporate trust services for its 150 million bond issuance.
The company is expecting further corporate trust business as UK local authorities find ways of tapping the capital markets to fund social infrastructure projects, following the Government’s recent decision to decentralize infrastructure funding.
(JDC)