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Moat Utilises Innovative Auction Process for Successful £50m Placement of Retained Bonds

Moat, a leading housing association working in the South East of England, yesterday raised over £53m by selling £50m of bonds that it had originally retained from its debut bond issue in 2011.

The sale was conducted through a competitive auction process rather than the more standard book building process seen in the primary markets. The auction elicited bids from 8 institutional investors for a total of over £130m. The bonds were sold to 3 successful investors.

Santander GBM acted as Bookrunner and Centrus advised Moat.