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Going to market for funding through Affordable

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27 th May 2016
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JCRA aims is to find the lowest source of funding for our social housing clients. In the last two years this has been in the form of government guaranteed lending from the EIB and bond investors, made available through Affordable Housing Finance (AHF) which is managed by THFC. This has been much more cost effective than Housing Associations going to the market in their own name.

On Wednesday, AHF issued £161 million of the 2.893% 2043 bond at a price of 105.384 to bring the issue up to a total of £532.5 million. JCRA clients accounted for over 50% of the new bonds issued under the tap.

This was the second tap of this bond and brings the total issued under the programme to £1,133.4 million made up as follows:

£600.9m
AHF 2.893%2043
£532.5m
Total 2
£1,133.4m

 

In addition, £2 billion has been made available through the EIB.

The issue was made at 35bps over gilts. While AHF has achieved a slightly tighter spread on one previous tap, the yield of 2.613% is the lowest to have been achieved on a tap to date.

The tap was very well received and is now trading at approximately 30bps over gilts and a yield of 2.561%.

# # # #
AHF 3.8% 2042 30 May 2014 37 bps 3.760%
AHF 3.8% 2042 6 November 2014 38 bps 3.300%
AHF 3.8% 2042 17 March 2015 32 bps 2.920%
AHF 2.893% 2043 11 August 2015 40 bps 2.893%
AHF 2.893% 2043 25 May 2016 35 bps 2.613%

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