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The Devonshires’ Banking and Securities Teams advised Radian Group in connection with its recent £100 million bond issue, which completed on 29 February 2012 and included £25 million of reserve bonds.
TradeRisks acted as Arranger for the issue, with Barclays Capital as sole bookrunner.
The issue was run through Portal Housing, a charitable group member which owns 792 units.
Both in terms of amount and size of issuer, this represents the smallest "own name" bond and thus a significant addition to social housing funding options.
Andrew Newberry, Executive Director of Finance at Radian commented:
'Devonshires had a clear understanding of our objectives and provided excellent, focussed advice throughout. This transaction has established us with investors and for a Group of our size this was an important transaction.'
The 30 year bond was issued with a fixed interest rate of 6% which represents a margin of 275 basis points over the 30-year gilt rate. Both Radian Group and the issue itself have been rated Aa2 by Moody's.
The Devonshires' Banking team was led by Julian Barker, assisted by David Nelson, and the Securities Team was led by Sharon Kirkham, assisted by Richard Sharpe.
