L&Q's 'pioneering' £2.6bn refinancing deal rewrites HA treasury book

L&Q’s ‘pioneering’ £2.6bn refinancing included a new covenant package ‘more in line with the corporate market’ and to support its ambitions to deliver 100,000 homes.

The group married banking loans with shorter-term sales activity and longer-term debt capital markets finance with housing for rent. It also saw L&Q crystallise its mark-to-market (M2M) position on its swaps.