• Sarah Tempest

£50 million Bond Deal

Rooftop are delighted to have confirmed bonds of £50 million to support our development programme.

Using the established housing sector bond aggregator, The Housing Finance Corporation (THFC), Rooftop has obtained a second deferred transaction of £20m of retained bonds at an all-in rate of 2.24 per cent, through THFC’s funding company Blend.

The funds will be drawn down in 12 months’ time by Rooftop Housing, to support and expand our housing stock in South Worcestershire and North Gloucestershire

The latest deferred deal for Rooftop, which priced on 3 November, comes after a deal struck at the end of last month. On Thursday (29 October), Blend priced £30m of retained bonds for Rooftop Housing at a reoffer rate of 2.09 per cent for 34 years, and a spread of 135 basis points over gilts.

Rooftop is the 12th housing association borrower through Blend. The latest deal comes after Blend’s A2 rating with a stable outlook was recently affirmed by credit agency Moody’s.

Commenting on the deal, Caroline Dykes, Finance Director at Rooftop, said “The Blend process has been smooth, and today’s pricing is an excellent outcome for Rooftop.”

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