Stonewater issues £250m bond
Housing association Stonewater has issued a £250m bond as part of a strategy to deliver 6,250 homes in five years.
The company said the ESG-credited bond will also help it to reduce net carbon emissions and support wider social impact strategies.
The 15-year bond was issued at 85 bps over gilts, giving an all-in rate of 1.749%.
Housing association Stonewater has issued a £250m bond as part of a strategy to deliver 6,250 homes in five years.
The company said the ESG-credited bond will also help it to reduce net carbon emissions and support wider social impact strategies.
The 15-year bond was issued at 85 bps over gilts, giving an all-in rate of 1.749%.
The sustainable targets are linked to the housing association’s sustainable finance framework, supporting the development of new and affordable sustainable housing. This includes developing strategies for sustainable procurement and waste and water management.
Stonewater has also committed to developing a strategy for reducing carbon emissions, so that all homes in the 34,000-home portfolio achieve an SAP rating of 69 (EPC band C) by 2030. It also aims to develop 1,500 new homes a year from 2022-23.
Working with the Guinness Partnership, the housing association recently secured £250m from Homes England, to build 4,180 homes as part of the 2021-26 affordable homes programme with delivery by 2029.
John Bruton, deputy chief executive and executive director of finance at Stonewater, said: “Despite the challenging backdrop of the pandemic, we have taken significant steps in the last 12 months to refine our financial approach and ensure our organisation continues to support customers and meet housing needs.”
NatWest, Lloyds Bank and Barclays Bank were joint bookrunners on the bond. Rothschild & Co provided treasury advice.
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