£15m RCB bond issue for Golden Lane Housing
Allia C&C is pleased to announce the early closing of the £15m 10 year RCB bond issue for Golden Lane Housing.
Burford Capital Tender Offer
Allia C&C is delighted to announce the completion today of a tender offer for a partial buy-back of Burford Capital Limited’s 6.5 % Guaranteed Bonds due 19 August 2022.
Care Thoughts: A Problem of Inappropriate Covenants
Allia C&C is pleased to share the latest issue of ‘Care Thoughts’ – a series of articles dedicated to raising awareness of key topics and challenges relating to funding the charitable care sector, and provoking meaningful action to address these problems. In this issue, we look at the financial ratios used by existing lenders to the sector. We look at the appropriateness and constrains of these ratios and compare to the situation faced by the Housing Association and Private Rented Accommodation sectors.
RCB investor update
Allia C&C has published the first of its new bi-annual RCB investor updates, providing commentary on each of the borrowers that has raised funding through RCB.
Government consults on lower limit for RCB issues
The UK government has launched a consultation on potential changes to the regulations on taxation of securitisation companies. Amongst other points, it is considering lowering the threshold which determines the minimum size for Retail Charity Bond issues. Allia C&C, the Impact Investing Institute, Big Society Capital and Social Enterprise UK have today submitted a joint response arguing that this limit should be reduced to £5 million.
Care Thoughts: Struggling with a broken funding structure
Allia C&C is pleased to share the latest issue of ‘Care Thoughts’ – a series of articles dedicated to raising awareness of key topics and challenges relating to funding the charitable care sector, and provoking meaningful action to address these problems. In this issue, we look in detail at the funding market for Care organisations and contrast the situation faced by borrowers in the sector with the UK Social Housing sector.
Allia C&C achieves record low spread for MORhomes
Allia C&C has arranged a tap of the MORhomes 3.4% bonds, raising £28 million for Calico Homes from a new investor. The new bonds were issued at a yield of 2.768%, a spread of 154bps (1.54%) over the benchmark gilt rate, which was significantly below the current bid price. This is the lowest spread that has been achieved since the launch of the bond in February 2019.
Allia C&C arranges £13m loan to West of Scotland Housing Association
West of Scotland Housing Association (WSHA) has received a loan of £13 million, arranged by Allia C&C under its charitable bond programme with Scottish Government. The loan will support the development of around 150 homes for social and mid-market rent across Ayrshire and Glasgow, including 36 ultra-low energy homes at Springfield Cross in Glasgow.
RCB bonds sold at lowest rate yet
Allia C&C is pleased to announce the sale of the remaining £4 million of retained bonds from the issue of the Golden Lane Housing 3.9% Bonds due 2027. The bonds were sold to a broad group of professional and institutional investors at a price of 105.5, which equates to a yield of 3% – the lowest rate achieved on the sale of RCB bonds since the launch of the platform in 2014.