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Orbit Housing issues £50m of retained bonds

In March 2015 Orbit Housing made a highly successful debut in the sterling market issuing £250m of 3.5% bonds due 2045, of which £50m bonds were retained bonds for later issue.

Earlier in 2016, Orbit decided to raise additional long dated finance and appointed Centrus to advise on the issue and placement of the retained bonds. Santander and HSBC were selected to act as bookrunners.

Investor update

Following an investor update on 2nd August, books were opened the following morning for a sale of some or all of the £50m of retained bonds. The indicative launch spread was 150-155bps which compared to a secondary trading level of 140-150bps. Demand totalled £159m from 9 investors who were asked to reconfirm their orders at a revised spread range of 147-153bps. The spread was fixed at 147bps, comfortably inside the secondary bid level and with a yield of 3.08%. By pricing inside the bid level, Orbit achieved a finely priced transaction and a very successful offering supported by long term sterling investors.