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Our Team

Profile

Adrian Bell

Director

I started JCRA’s Social Housing team in 2009, and we now advise around 50 housing associations on all aspects of treasury, risk management and funding.

T: +44 (0)207 493 3310

Email Adrian

Expertise

  • Debt Advisory
  • Inflation Hedging
  • Interest Rate Hedging
  • Social Housing

About Adrian

I started my career with Hambros Bank where I built the fixed income business in a number of Eurobond markets and developed specialist institutional placement in long-dated Sterling Bonds and US$ private placements. This team pioneered using the bond market to fund housing associations and was responsible for most of the innovations in this area benefitting the sector.

In 1998 I joined RBC rising to Chairman of RBC Europe, which during this time became one of the pre-eminent sterling bond houses in the city and established the bank’s global Infrastructure Advisory Team.

In 2009 I retired from RBC to start a new, non-conflicted advisory business, focussed on assisting businesses previously reliant on bank and derivatives markets to access the bond market – and joined forces with JCRA in 2016. 

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Published work

T.H.A.T. Thought No. 29 – EBITDA-MRI

Over the last two years, there has been an increasing pressure from bank lenders to move from interest cover to a cash flow covenant – labelled EBITDA-MRI.

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