Market digest: housing association bond yields – January 2026
How did financial market movements and political swings affect housing association bonds in the secondary market in January 2026?
Picture: Alamy
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How did financial market movements and political swings affect housing association bonds in the secondary market in January 2026? #UKhousing #SocialHousingFinanceGilt yields
6 October | 29 October | 5 December | 8 January | |
Two year | 3.96 | 3.77 | 3.73 | 3.67 |
Three year | 3.96 | 3.75 | 3.73 | 3.70 |
Four year | 4.05 | 3.81 | 3.81 | 3.79 |
Five year | 4.12 | 3.87 | 3.88 | 3.86 |
Seven year | 4.27 | 4.00 | 4.03 | 4.02 |
10 year | 4.69 | 4.40 | 4.43 | 4.42 |
15 year | 5.12 | 4.80 | 4.84 | 4.82 |
20 year | 5.38 | 5.06 | 5.07 | 5.06 |
24 year | 5.45 | 5.13 | 5.12 | 5.11 |
29 year | 5.50 | 5.17 | 5.16 | 5.16 |
38 year | 5.47 | 5.14 | 5.13 | 5.12 |
48 year | 4.88 | 4.62 | 4.64 | 4.66 |
Source: Altair Treasury and Finance Solutions
Sonia swap rates
| 3 October | 28 October | 4 December | 7 January | |
Two year | 3.74 | 3.52 | 3.49 | 3.46 |
Three year | 3.74 | 3.52 | 3.51 | 3.50 |
Four year | 3.77 | 3.55 | 3.57 | 3.56 |
Five year | 3.82 | 3.60 | 3.62 | 3.62 |
Seven year | 3.94 | 3.71 | 3.75 | 3.76 |
10 year | 4.15 | 3.91 | 3.96 | 3.97 |
15 year | 4.43 | 4.18 | 4.23 | 4.23 |
20 year | 4.58 | 4.32 | 4.37 | 4.37 |
25 year | 4.64 | 4.37 | 4.43 | 4.43 |
Source: Altair Treasury and Finance Solutions
UK Treasury reference gilts for housing association bond issues
Reference gilts: letters in brackets refer to bonds; see table below | Yield (%) at 08/01/2026 | Change on month (basis points) |
| (a) priced over: Treasury 1.25%, 2041 | 4.88 | -5 |
| (b) priced over: Treasury 1.25%, 2051 | 5.16 | -3 |
| (c) priced over: Treasury 4.50%, 2034 | 4.33 | -6 |
| (d) priced over: Treasury 4.25%, 2039 | 4.77 | -5 |
| (e) priced over: Treasury 4.5%, 2035 | 4.41 | -6 |
| (f) priced over: Treasury 0.375%, 2026 | 3.29 | -22 |
| (h) priced over: Treasury 6.00%, 2028 | 3.67 | -2 |
| (i) priced over: Treasury 4.75%, 2030 | 3.82 | -6 |
| (j) priced over: Treasury 4.25%, 2032 | 4.01 | -6 |
| (k) priced over: Treasury 4.25%, 2036 | 4.51 | -6 |
| (l) priced over: Treasury 3.25%, 2044 | 5.04 | -4 |
| (m) priced over: Treasury 4.75%, 2038 | 4.71 | -6 |
| (n) priced over: Treasury 4.50%, 2042 | 4.96 | -4 |
| (o) priced over: Treasury 1.75%, 2057 | 5.13 | -2 |
| (p) priced over: Treasury 3.50%, 2045 | 5.06 | -4 |
| (r) priced over: Treasury 4.25%, 2046 | 5.09 | -3 |
| (s) priced over: Treasury 4.25%, 2049 | 5.12 | -3 |
| (t) priced over: Treasury 3.75%, 2052 | 5.15 | -3 |
| (u) priced over: Treasury 4.25%, 2055 | 5.15 | -2 |
| (v) priced over: Treasury 1.50%, 2026 | 3.60 | -17 |
| (w) priced over: Treasury 1.50%, 2047 | 5.11 | -3 |
| (x) priced over: Treasury 1.63%, 2054 | 5.15 | -2 |
| (y) priced over: Treasury 0.625%, 2050 | 5.10 | -2 |
| (z) priced over: Treasury 1.25%, 2027 | 3.59 | -7 |
Source: UK Debt Management Office and Tradeweb. Note: n/s not previously tracked by Social Housing
Housing association public issues, ranked by maturity date
| Securities above £100m (final brackets indicate reference gilt: see table above) | Rating: Moody’s / S&P / Fitch | Date of last issue | Nominal amount (£m) | Yield at last issue (%) | Margin at last issue (basis points) | Yield at 08/01/2026 (%) | Change on month (basis points) | Margin at 08/01/2026 (basis points) | Change on month (+ or -) |
| Folio Residential London 1.246%, 2027 (z) | Aa1/–/– | 10/20 | £250 | 1.25 | 128 | 4.55 | -5 | 97 | +1 |
| London & Quadrant 2.63%, 2028 (h) | A3/BBB+/A- | 02/18 | £250 | 2.74 | 118 | 4.78 | -2 | 110 | +1 |
| A2Dominion 3.5%, 2028 (h) | –/–/A | 11/16 | £250 | 3.81 | 230 | 4.93 | -5 | 126 | -3 |
| London & Quadrant 2.25%, 2029 (h) | A3/BBB+/A- | 07/17 | £250 | 2.20 | 100 | 4.66 | -3 | 98 | -0 |
| Clarion Funding 2.63%, 2029 (h) | A3/A-/A+ | 01/19 | £300 | 2.72 | 148 | 4.46 | -5 | 78 | -3 |
| Notting Hill Genesis 2.88%, 2029 (h) | A3/A-/A- | 01/19 | £250 | 2.97 | 173 | 4.73 | -2 | 105 | +1 |
| Notting Hill 3.75%, 2032 (j) | A3/A-/A- | 12/12 | £350 | 3.75 | 108 | 5.14 | -4 | 113 | +2 |
| London & Quadrant 2.00%, 2032 (j) | A3/BBB+/A- | 01/22 | £300 | 2.03 | 87 | 5.10 | +9 | 109 | +15 |
| Aster Treasury 5.412%, 2032 (j) | –/A+/– | 06/23 | £350 | 5.41 | 110 | 4.85 | -5 | 84 | +0 |
| London & Quadrant 4.62%, 2033 (j) | A3/BBB+/A- | 03/12 | £250 | 4.62 | 157 | 5.09 | -6 | 108 | +0 |
| Harbour Funding 5.28%, 2034 (j) | A3/–/– | 08/03 | £184 | 5.28 | 58 | 5.19 | -7 | 117 | -1 |
| Peabody Capital No 2 2.75%, 2034 (c) | A3/BBB+/A | 02/22 | £350 | 2.85 | 125 | 5.40 | -4 | 107 | +2 |
| THFC (Funding No.1) 5.12%, 2035 (k) | –/A+/– | 07/08 | £217 | 5.96 | 135 | 5.79 | -5 | 75 | -1 |
| Clarion 1.875%, 2035 (c) | A3/A-/A+ | 01/20 | £350 | 1.88 | 98 | 5.21 | -5 | 88 | +1 |
| Optivo 2.857%, 2035 (c) | A3/–/– | 03/20 | £350 | 2.86 | 230 | 5.30 | -6 | 97 | +0 |
| Notting Hill Genesis 6%, 2035 (e) | A3/A-/A- | 03/25 | £250 | 6.05 | 130 | 5.60 | -3 | 119 | +3 |
| Aster 1.405%, 2036 (k) | –/A+/– | 01/21 | £250 | 1.40 | 80 | 5.87 | -3 | 83 | +1 |
| Notting Hill 2.00%, 2036 (k) | A3/A-/A- | 06/21 | £250 | 2.08 | 100 | 6.20 | -1 | 116 | +3 |
| Paragon 2.00%, 2036 (k) | A3/BBB+/– | 05/21 | £400 | 2.03 | 87 | 6.19 | -4 | 115 | +1 |
| Metropolitan Housing Trust 1.875%, 2036 (k) | –/A-/A- | 07/21 | £250 | 2.00 | 115 | 6.08 | -3 | 104 | +1 |
| Stonewater 1.625%, 2036 (k) | A3/A-/– | 09/21 | £250 | 1.75 | 85 | 5.97 | -4 | 92 | +1 |
| Southern 2.375%, 2036 (k) | A3/–/A- | 10/21 | £300 | 2.50 | 130 | 6.13 | -4 | 109 | +0 |
| Home 8.75%, 2037 (k) | –/A-/– | 07/93 | £100 | 8.75 | 110 | n/s | n/s | n/s | n/s |
| Haven (37) 8.12%, 2037 (i) | Baa1/–/– | 08/00 | £145 | 6.78 | 200 | 5.04 | -11 | 122 | -5 |
| Affinity Sutton 5.98%, 2038 (m) | A3/A-/A+ | 09/08 | £250 | 5.98 | 155 | 5.63 | -4 | 93 | +2 |
| Circle Anglia 7.25%, 2038 (m) | A3/A-/A+ | 11/10 | £385 | 5.38 | 110 | 5.64 | -4 | 93 | +2 |
| Longhurst 5.13%, 2038 (m) | A3/–/– | 07/12 | £250 | 5.24 | 242 | 5.77 | -6 | 107 | +1 |
| GB Social Housing 5.19%, 2038 (m) | –/A-/– | 05/14 | £333 | 4.82 | 150 | n/s | n/s | 103 | n/s |
| MORhomes 3.4%, 2038 (m) | –/A-/– | 03/21 | £465 | 2.78 | 130 | 5.83 | -7 | 112 | -1 |
| London & Quadrant 2.00%, 2038 (m) | A3/BBB+/A- | 10/20 | £250 | 2.07 | 140 | 5.76 | 5 | 106 | +1 |
| Southern 4.50-5.36%, 2039 (m) | A3/–/A- | 03/14 | £175 | 4.50 | 120 | n/s | n/s | n/s | n/s |
| Genfinance II 6.06%, 2039 (m) | A3/A-/A- | 12/09 | £250 | 6.06 | 170 | 5.81 | -4 | 111 | +2 |
| London & Quadrant 5.50%, 2039 (m) | A3/BBB+/A- | 01/10 | £300 | 5.55 | 115 | 5.68 | -5 | 98 | +1 |
| Sanctuary 6.69%, 2039 (m) | A2/A/– | 09/10 | £320 | 4.85 | 100 | 5.59 | -5 | 88 | +1 |
| Sovereign 5.70%, 2039 (m) | A3/A/– | 08/09 | £175 | 5.70 | 155 | 5.65 | -5 | 94 | +1 |
| THFC (Funding No.2) 6.35%, 2039 (m) | –/A+/– | 04/11 | £371 | 5.39 | 105 | 5.56 | -6 | 85 | -0 |
| Platform 5.52%, 2039 (d) | –/A+/A+ | 11/25 | £250 | 5.52 | 75 | 5.56 | -4 | 78 | +2 |
| Hyde 5.12%, 2040 (m) | –/A-/A | 07/10 | £250 | 5.12 | 105 | 5.50 | -7 | 80 | -1 |
| Platform 1.926%, 2041 (a) | –/A+/A+ | 09/21 | £250 | 1.93 | 87 | 5.62 | -3 | 74 | +2 |
| Midland Heart 5.08%, 2042 (n) | A1/–/– | 10/12 | £150 | 5.08 | 196 | n/s | n/s | n/s | n/s |
| Affinity Sutton 4.25%, 2042 (n) | A3/A-/A+ | 09/12 | £250 | 4.31 | 125 | 5.88 | -3 | 92 | +2 |
| East Thames 5.48%, 2042 (n) | A3/BBB+/A+ | 06/12 | £250 | 5.47 | 250 | 5.97 | -3 | 101 | +1 |
| Notting Hill 5.25%, 2042 (n) | A3/A-/A- | 07/11 | £300 | 5.28 | 120 | 6.06 | -1 | 110 | +3 |
| SHG Finance 6.38%, 2042 (j) | A3/A-/– | 06/01 | £240 | 6.38 | 138 | 5.03 | -8 | 102 | -2 |
| Sovereign 4.76%, 2042 (n) | A3/A/– | 05/12 | £250 | 4.77 | 170 | 5.85 | -2 | 89 | +2 |
| Together 4.5%, 2042 (m) | A3/–/– | 12/12 | £350 | 4.50 | 145 | 5.74 | -4 | 104 | +2 |
| Great Places 4.75%, 2042 (n) | A3/–/A | 11/12 | £345 | 4.81 | 170 | 5.86 | -1 | 90 | +3 |
| Affordable Housing Finance 3.80%, 2042 (n) | –/AA/– | 05/14 | £601 | 3.71 | 37 | 5.27 | -1 | 31 | +3 |
| Aster 4.59%, 2043 (n) | –/A/– | 12/13 | £450 | 4.59 | 105 | 5.79 | +2 | 83 | +6 |
| Longhurst 3.25%, 2043 (n) | A3/–/– | 05/18 | £350 | 3.35 | 148 | 5.94 | -3 | 98 | +1 |
| THFC (Funding No.3) 5.17%, 2043 (n) | –/A+/– | 10/13 | £1,055 | 4.50 | 105 | 5.72 | -4 | 76 | +0 |
| Optivo 5.25%, 2043 (n) | A3/–/– | 09/13 | £400 | 4.68 | 215 | 5.87 | -3 | 91 | +1 |
| Affordable Housing Finance 2.89%, 2043 (n) | –/AA/– | 08/15 | £1,143 | 2.82 | 40 | 5.26 | -3 | 30 | +2 |
| Home Group 3.13%, 2043 (n) | –/A-/– | 03/19 | £350 | 3.25 | 170 | 5.88 | -2 | 92 | +2 |
| LiveWest 2.25%, 2043 (n) | A2/–/– | 10/19 | £250 | 2.35 | 140 | 5.73 | -2 | 77 | +2 |
| Circle Anglia 5.20%, 2044 (n) | A3/A-/A+ | 02/12 | £250 | 5.22 | 198 | 5.84 | -4 | 88 | +1 |
| Guinness 4.00%, 2044 (n) | A3/A-/– | 10/14 | £250 | 4.02 | 130 | 5.80 | -3 | 84 | +2 |
| Riverside 3.87%, 2044 (n) | Baa1/–/– | 11/14 | £250 | 3.87 | 135 | 6.08 | -2 | 112 | +2 |
| Wheatley 4.37%, 2044 (n) | –/A+/– | 11/14 | £400 | 4.37 | 160 | 5.72 | -2 | 76 | +2 |
| BPHA 4.81%, 2044 (n) | –/A+/– | 03/14 | £350 | 4.81 | 135 | 5.77 | -2 | 81 | +2 |
| Yorkshire 4.12%, 2044 (n) | A3/–/– | 10/14 | £400 | 4.23 | 135 | 5.95 | -3 | 99 | +2 |
| Futures Treasury 3.375%, 2044 (l) | –/A/– | 04/22 | £270 | 2.31 | 25 | 5.84 | -1 | 80 | +3 |
| Paradigm 5.25%, 2044 (l) | –/A+/– | 04/24 | £300 | 5.25 | 87 | 5.82 | n/a | 77 | n/a |
| Orbit 3.5%, 2045 (p) | A3/–/– | 03/15 | £250 | 3.61 | 115 | 5.90 | -2 | 84 | +3 |
| WHG 4.25%, 2045 (n) | A2/–/– | 10/14 | £250 | 4.28 | 125 | 5.71 | -2 | 75 | +2 |
| Housing & Care 21 3.29%, 2047 (w) | –/A-/– | 11/17 | £500 | 3.16 | 138 | 6.04 | -1 | 93 | +2 |
| Paragon 3.62%, 2047 (p) | A3/BBB+/– | 01/15 | £250 | 3.62 | 140 | 6.22 | +0 | 116 | +4 |
| Sanctuary 5.08%, 2047 (r) | A2/A/– | 11/13 | £450 | 4.20 | 78 | 5.87 | -3 | 78 | +0 |
| Catalyst 3.13%, 2047 (w) | –/A-/– | 10/17 | £400 | 3.21 | 130 | 6.15 | -1 | 105 | +2 |
| Karbon Homes 3.37%, 2047 (w) | –/A/– | 11/18 | £250 | 3.50 | 153 | 5.91 | -1 | 80 | +2 |
| Southern Housing Group 3.50%, 2047 (w) | A3/–/A- | 10/18 | £300 | 3.62 | 158 | 6.07 | -2 | 97 | +2 |
| GreenSquare 5.25%, 2047 (w) | Baa1/–/A- | 11/22 | £400 | 5.40 | 210 | 6.15 | -2 | 104 | +2 |
| Bromford 3.13%, 2048 (w) | A2/A+/– | 04/18 | £300 | 3.25 | 135 | 5.81 | -3 | 71 | +0 |
| Clarion Funding 3.13%, 2048 (w) | A3/A-/A+ | 01/21 | £500 | 1.77 | 88 | 5.98 | -0 | 88 | +3 |
| Metropolitan 4.12%, 2048 (r) | –/A-/A- | 09/15 | £250 | 4.12 | 167 | 6.18 | -0 | 108 | +3 |
| Optivo Finance 3.28%, 2048 (w) | A3/–/– | 03/18 | £400 | 3.28 | 100 | 6.07 | -1 | 97 | +3 |
| Swan 3.62%, 2048 (p) | –/A/– | 02/15 | £250 | 3.68 | 130 | 5.95 | -4 | 89 | +0 |
| Notting Hill 3.25%, 2048 (w) | A3/A-/A- | 10/17 | £400 | 3.28 | 135 | 6.15 | +0 | 104 | +4 |
| WM Housing Group 3.25%, 2048 (w) | A3/–/– | 10/17 | £280 | 3.30 | 137 | 6.03 | +1 | 93 | +5 |
| RHP 3.25%, 2048 (p) | –/A/– | 09/20 | £275 | 1.79 | 105 | 5.96 | -1 | 90 | +3 |
| Orbit 3.4%, 2048 (n) | A3/–/– | 06/18 | £450 | 3.46 | 160 | 5.88 | -1 | 91 | +3 |
| Peabody 3.25%, 2048 (w) | A3/BBB+/A | 09/18 | £450 | 3.37 | 155 | 6.19 | -2 | 108 | +2 |
| Wrekin 2.5%, 2048 (w) | –/A/– | 10/19 | £250 | 2.61 | 148 | 6.00 | -1 | 89 | +3 |
| Sovereign 2.375%, 2048 (w) | A3/A/– | 09/19 | £375 | 2.48 | 127 | 6.02 | -0 | 91 | +3 |
| Hexagon 3.625%, 2048 (w) | –/BBB+/– | 04/22 | £250 | 3.67 | 167 | 6.18 | -0 | 108 | +3 |
| London & Quadrant 3.75%, 2049 (s) | A3/BBB+/A- | 10/15 | £250 | 3.75 | 135 | 6.10 | -1 | 97 | +2 |
| Blend Funding Plc 3.46%, 2047/49 (w) | A2/–/– | 03/22 | £588 | 3.56 | 158 | 5.90 | -2 | 80 | +1 |
| Accent Capital 2.63%, 2049 (s) | –/A/– | 07/19 | £350 | 2.73 | 130 | 5.90 | -2 | 78 | +1 |
| Sanctuary 2.375%, 2050 (s) | A2/A/– | 04/20 | £500 | 2.38 | 170 | 5.97 | -2 | 84 | +1 |
| Platform 5.342%, 2050 (y) | –/A+/A+ | 04/24 | £250 | 5.34 | 83 | 5.91 | -3 | 80 | -0 |
| Bromford 6.072%, 2050 (y) | A2/A+/– | 07/25 | £300 | 6.07 | 82 | 5.88 | -1 | 78 | +2 |
| Paradigm 2.250%, 2051 (y) | –/A+/– | 05/21 | £350 | 2.28 | 88 | 5.83 | -2 | 72 | +0 |
| Anchor Hanover Group 2.00%, 2051 (y) | –/A+/– | 07/21 | £450 | 2.00 | 93 | 5.93 | -1 | 83 | +1 |
| Clarion Funding Plc 1.875%, 2051 (b) | A3/A-/A+ | 09/21 | £300 | 1.98 | 93 | 5.96 | -2 | 80 | +1 |
| Saltaire 1.527%, 2051 (b) | Aa3/–/– | 11/21 | £265 | 1.53 | 38 | 5.49 | -1 | 33 | +2 |
| Martlet Homes Ltd 3.00%, 2052 (t) | –/A-/A | 05/17 | £400 | 3.04 | 140 | 6.03 | -4 | 88 | -1 |
| PenArian Housing Finance Plc 3.21%, 2052 (w) | A3/A/– | 06/17 | £400 | 3.26 | 155 | 6.02 | +1 | 91 | +5 |
| Jigsaw 3.375%, 2052 (t) | A2/–/– | 05/22 | £360 | 3.50 | 157 | 5.90 | +0 | 75 | +3 |
| London & Quadrant 3.13%, 2053 (t) | A3/BBB+/A- | 02/18 | £335 | 3.16 | 135 | 6.01 | -1 | 87 | +1 |
| Peabody 4.62%, 2053 (t) | A3/BBB+/A | 12/13 | £350 | 4.62 | 105 | 6.11 | -1 | 96 | +2 |
| Onward 2.125%, 2053 (t) | A1/–/– | 03/21 | £350 | 2.22 | 88 | 5.92 | -1 | 77 | +2 |
| Notting Hill 4.37%, 2054 (u) | A3/A-/A- | 03/14 | £250 | 4.47 | 98 | 6.15 | +4 | 101 | +6 |
| Blend Funding Plc 2.922%, 2054/56 (x) | A2/–/– | 03/22 | £607 | 2.25 | 115 | 5.90 | -1 | 75 | +1 |
| Southern Housing 5.625%, 2054 (x) | A3/–/A- | 10/24 | £250 | 5.66 | 120 | 6.11 | +1 | 96 | +3 |
| Guinness 2.00%, 2055 (u) | A3/A-/– | 04/20 | £400 | 2.02 | 145 | 5.92 | -1 | 77 | +1 |
| Hyde 1.75%, 2055 (u) | –/A-/A | 08/20 | £400 | 1.75 | 130 | 5.95 | -0 | 80 | +2 |
| Platform 1.625%, 2055 (u) | –/A+/A+ | 08/20 | £350 | 1.63 | 97.6 | 5.84 | -1 | 70 | +2 |
| LiveWest 1.875%, 2056 (u) | A2/–/– | 02/21 | £250 | 1.90 | 90 | 5.92 | -1 | 77 | +1 |
| London & Quadrant 2.75%, 2057 (u) | A3/BBB+/A- | 07/17 | £250 | 2.70 | 105 | 6.03 | -2 | 88 | +1 |
| Sovereign 5.5%, 2057 (o) | A3/A/– | 01/24 | £400 | 5.60 | 108 | 6.02 | -1 | 89 | +1 |
| Clarion 5.375%, 2057 (o) | A3/A-/A+ | 04/24 | £250 | 5.46 | 98.68 | 6.01 | +1 | 88 | +3 |
Notes: *data unavailable for last month. n/s = not stated: rarely traded and considered to be currently illiquid. Also includes FRESH Series 1, Funding for Homes, GESB, HACO, HAF and HSL, not listed above. n/a = new bond; credit ratings are included as at the date of the bond data supplied
Sources: S&P Dow Jones; (bracket) UK Treasury reference gilts for bond issues: © 2026 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Gilt Closing; Prices information contained herein is proprietary to Tradeweb; may not be copied or re-distributed; is not warranted to be accurate, complete or timely; and does not constitute investment advice. Tradeweb is not responsible for any loss or damage that might result from the use of this information
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