You are viewing 1 of your 1 free articles
Welsh housing association plans £250m bond
Wales’ third largest housing association is to issue a £250m bond to refinance its current loan portfolio and pump more money into development.
Pennaf, the 5,600-home landlord, is on the verge of issuing £250m in secured bonds, due in 2052, according to a statement by ratings agency Moody’s issued today.
It has set up a debt-holding vehicle called Pen Arian Housing Finance that will “on-lend” to Pennaf.
Pennaf is a “traditional provider of social housing”, deriving around 95% of its revenues from “relatively low-risk” activities, the judgement said. However the organisation’s outlook was reconfirmed today as A3 negative – with the negative outlook largely to uncertainty around the Brexit vote.
READ MORE
Pennaf, the 5,600-home landlord, is on the verge of issuing £250m in secured bonds, due in 2052, according to a statement by ratings agency Moody’s issued today.
It has set up a debt-holding vehicle called Pen Arian Housing Finance that will “on-lend” to Pennaf.
Pennaf is a “traditional provider of social housing”, deriving around 95% of its revenues from “relatively low-risk” activities, the judgement said. However the organisation’s outlook was reconfirmed today as A3 negative – with the negative outlook largely to uncertainty around the Brexit vote.