We were honoured by the Association of Corporate Treasurers (ACT) at their Deals of The Year Awards held on Tuesday April 4 2023.
At the awards ceremony, we were Highly Commended in the Bonds Below £750million category after we successfully secured a 25-year bond.
It is the first public bond to be secured by GSA. The bond was launched at an initial guide price of 235 basis points over gilts, but demand helped to drive this down to 210 basis points.
The judges highly commended our inaugural public bond which was successfully executed at a time when few transactions had taken place and the market was volatile. We issued a £400m, 25-year bond at a coupon of 5.25% under its sustainable finance framework, with ESG metrics aligned to reductions in Scope 1, 2 and 3 greenhouse gas emissions.
Our Director of Corporate Finance and Treasury James Tarrant said: “We’re proud of the recognition we have received at the ACT Deals of the Year Awards this week.
“After winning the corporate finance category last year, to receive a highly commended nomination this year is testament to all the hard work and dedication the team have put in to transforming the treasury structure of the organisation in recent years.
“These accolades from the Association of Corporate Treasurers provide us with a solid platform upon which to deliver our refreshed corporate strategy.”
The bond is the first housing association bond issued since April 2022, as we took advantage of the fact investors who favour social housing have not had anywhere to put their money until now.
It was issued to us in line with our sustainable finance framework and will help us refinance our existing debt and help us continue to fund the delivery of a range of projects including proactive investment into our existing homes and our delivery of new homes.