Sanctuary housing association issues £350m bond

Housing association Sanctuary Group has issued a £350m secured bond with 32 investors, despite wider uncertainty in the market amid the coronavirus pandemic. The 30-year bond has a coupon of 2.375% and was heavily oversubscribed. It attracted some £1.5bn in investment, five times the target, from 40 different parties. Sanctuary Group finance director Ed Lunt said: “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.” Sanctuary manages more than 100,000 homes in England and Scotland and is rated as A2 stable by Moody’s and A+ stable by Standard and Poor’s. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette