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Notting Hill Housing Trust to issue GBP250m 3.75 per cent secured bonds due 2032

Notting Hill Housing Trust has launched and priced a new issue of GBP250m 3.75 per cent per cent secured bonds due 2032.

The bonds were priced to yield a margin of 108 basis points above the yield of the benchmark gilt and will mature on 20 December 2032.

The joint book runners to the issue were Barclays, Goldman Sachs International and Lloyds Bank. 

The all in yield of 3.785 per cent represents the lowest fixed yield of any bond issued by a housing association to date.

The proceeds of the issue will be used both to refinance existing debt facilities and also to finance the issuer's development programme that will comprise approximately 1,200 new homes being built each year until 2015. The programme will comprise new homes for social housing, shared ownership and market sale across London.

Paul Phillips, group finance director of Notting Hill Housing Trust, says: "We are delighted at the strong support that we have received from Sterling bond investors that has allowed us to position our second benchmark deal in the market and take advantage of the low yields that are currently available. Today's issue is a strong show of confidence not only in the future of our business but also the social housing sector as a whole."

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