Canaccord Genuity’s debt team issues GBP100m listed bonds for Raglan Finance
Canaccord Genuity has issued GBP100m listed sterling bonds for Raglan Finance, a financing vehicle established for Raglan Housing Association.
The bonds are being issued at a price of par, on a partly paid basis. They carry a coupon of 5.034 per cent and have a final maturity on 20 September 2042.
Canaccord arranged the bond and placed GBP50m with Pension Insurance Corporation, with GBP50m bonds retained by Raglan for future sale.
The pricing, purchase and sale of the bonds were negotiated earlier in the summer.
The bond was designed to meet certain regulatory and actuarial requirements of the investor, and resulted in attractive pricing and covenants for Raglan. The bonds are to be listed on the London Stock Exchange.
The additional feature of part-payment assists Raglan to manage its cash requirements and ameliorate cost of the funding ahead of investment.
Henrietta Podd, director of Canaccord Genuity's debt markets team, says: "We are very pleased to have negotiated a transaction which met the specific requirements of both the borrower and the investor. It demonstrates that there are new investors keen to come into the market to invest in UK social housing."
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