Devonshires are delighted to have advised Martlet Homes Limited (Martlet) on its £400 million bond issue.
Martlet is a core subsidiary of Hyde Housing Association and predominantly provides affordable homes in the South-East of England.
The bond issue was heavily oversubscribed, has a credit rating of A+ from Standard & Poor’s and the all in interest rate is 3%.
The issue is believed to be the largest long-term bond at the lowest coupon ever raised by a housing association group.
Hyde’s chief executive, Elaine Bailey, said: “Our purpose as a housing association is to provide a place to live for as many people left behind by the market as possible. The housing crisis in London and the South-East of England is a huge and longstanding problem, which will only be solved if we all play our part and this deal demonstrates that Hyde is serious about creating more than our fair share of new homes that the region needs.”
Devonshires Banking partner Julian Barker said: “We are delighted to have advised Martlet on this key benchmark bond as it will further strengthen its focus on providing affordable homes in the South-East of England. This bond reflects Martlet’s strength as an issuer in its own right.”