Housing 21 takes big book as investors keep focus on ESG

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By Burhan Khadbai
07 Aug 2020

Housing 21 became the latest UK housing association to receive a strong reception from investors on Friday as it priced a long-dated sterling tap with a book almost three times covered and a negligible new issue concession.

Following a series of investors calls, sole lead NatWest Markets opened the books on a £100m tap of Housing 21’s outstanding 3.288% November 2049 bond with initial price thoughts of 165bp over the 1.5% July 2047 Gilt.

As books reached over £280m, the spread guidance was ...

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