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Pennaf issues Wales’ first own name bond with £250m deal at 3.212%

Pennaf Group has become the first Welsh housing provider to issue a public own name bond, pricing a £250m deal at a coupon of 3.212 per cent.

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The bond proceeds - which include £160m immediately and £90m retained for future sale - are being used to repay 90 per cent of the existing debt portfolio, replacing all of Pennaf’s bank loans from four main lenders.

 

Additional funds will be used for developing new social housing and extra care units.

 

The issuance by the 5,600-home organisation carries a spread of 155 basis points over the gilt. The issue priced on 1 June 2017 and was expected to settle a week later.

 

While associations in Wales have tapped the capital markets via private placements and club arrangements.


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