Sanctuary Group issues £350m bond to develop new homes

Sanctuary Group issues £350m bond to develop new homes

Ed Lunt

Housing association Sanctuary Group has issued a £350m secured bond to enable the development of new homes and enhance current stock across England and Scotland.

The bond was issued with 32 investors at a coupon of 2.375%.

The 30-year issuance was heavily oversubscribed by a factor of five times, attracting £1.5 billion in orders from a wide variety of over 40 respected investors.

Sanctuary, which manages over 100,000 homes across England and Scotland, is rated as A2 stable and A+ stable by credit rating agencies Moody’s and Standard & Poor’s respectively.

Ed Lunt, Sanctuary’s group finance director, said: “We are delighted to have secured this bond issuance which, despite the current turbulence in the markets, demonstrates the confidence investors have in the group and its long-term strategic aims. 

“The bond proceeds will support our strategic investment plans to enhance our current stock, develop new affordable homes, and deliver services in line with our social purpose of providing housing and care to those in need.”

Share icon
Share this article: