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Places for People Issues UK Housing Sector’s Largest Ever Bond

Places for People has completed a £400m issue of unsecured ten year bonds at a coupon of 2.875%. The A3/A+ rated deal was priced at 225bp over the 10-year reference gilt and issued off the group’s EMTN programme. Barclays, HSBC and RBS acted as book runners on the transaction with the order book reaching £1.3bn.

The issue marks PfP’s first foray into the sterling institutional market since 2011 with the company having completed a number of retail, listed and unlisted transactions across the UK, Europe, Asia and the US in the intervening period.

Centrus acted as financial advisor to PfP.