By Marisa Wong
Los Angeles, Jan. 18 – Sovereign Housing Association Ltd., trading as Sovereign Network Group (SNG), issued £400 million of new 5.5% sustainable bonds to fund investment in new and existing homes, according to a press release.
The 33-year bond was priced at Gilts plus 108 basis points, with an all-in rate of 5.603%.
The issuance was nearly four times oversubscribed, the company noted.
Formed in October through the merger of Sovereign and Network Homes, SNG provides affordable homes in the South of England.
| Issuer: | Sovereign Housing Association Ltd.
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| Amount: | £400 million
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| Issue: | Sustainable bonds
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| Maturity: | 2057
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| Coupon: | 5.5%
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| Price: | 98.458
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| Yield: | 5.603%
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| Spread: | Gilts plus 108 bps
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