Case Studies
Delivering successful outcomes for our clients

Centrus advises on successful £75m Retained Bond issue for CHP

Chelmer Housing Partnership (CHP) through its financing subsidiary Myriad Capital Plc accessed the capital markets through a 4.75% £200m 2043 public bond issue in December 2013, including retained bonds of £75m.

On 21st November 2017 Myriad Capital plc successfully launched and priced £75m of the secured retained public bonds.  The transaction was completed in a short timescale with an announcement on 17th November of its intention to meet investors with a view to selling up to £75m of retained bonds. Meetings and calls with a selected group of investors were held on 20th November, books were opened on 21st November and £75m was priced at the end of the day with bonds placed with five institutional investors.

Barclays and Lloyds acted as bookrunners and Centrus as financial advisor.

The bonds will be used to fund CHP’s development programme and manage day to day capital expenditure requirements.

Paul Edwards, Director of Resources CHP Centrus provided comprehensive support throughout, guiding us through the selection of bookrunners, the approach to the market, engagement with investors, timing and the execution strategy for the transaction. With their help we have achieved a successful financing provided by high quality, long-term investors at a very attractive cost.

CHP is a locally managed and governed charitable housing association which owns and manages over 9,400 properties in Essex.