Hastoe £100m Bond Issue

Hastoe has raised £100million this week through a well subscribed 30 year publically listed Bond issue. The funds will largely be used for its rural housing development programme.

Hastoe is Aa3 credit rated by Moody’s and the coupon achieved was 5.6% (215 bps spread). The Bond will mature in March 2042.

Hastoe was pleased with the result, which reflected well on its position in the sector as a rural specialist that builds high quality sustainable homes. With a stock of approximately 5,000 homes, Hastoe is the smallest association to date to raise funds through a listed issue.

Treasury advisors were TradeRisks with RBC Capital Markets and Santander Global Banking & Markets as book runners.

Hastoe’s Finance Director, Will Roberts, comments:

“Our success in the bond issue positions us well for the future. This is an extremely pleasing result for us, especially as we are the first smaller housing association to achieve this sort of funding. We look forward to continuing the development of our housing schemes, knowing that our funding is secure.”

Tom Paul, Associate Director at TradeRisks, Hastoe's adviser on the bond issue, comments:

“Hastoe's success will be hugely encouraging for other similar sized associations looking to raise funds competitively in the public markets.”