Orbit, the Midlands social housing provider with over 44,500 homes, has successfully priced a £300m 18-year bond issuance at a 2% coupon.
Orbit, based in Rugby, opted to approach the sterling bond market with its first transaction since 2018. With the aim of diversifying its existing maturity profile whilst also taking into account the significant investor demand for intermediate social housing issuances, Orbit targeted a benchmark (£250m) deal in an intermediate tenor range of 15-18 years.
After an “intensive” day with high levels of investor engagement, the transaction received over £1.75bn of orders at final guidance. This indicated an order book that was seven times oversubscribed, reflecting the strength of Orbit’s credit standing, strategy and market
link source - The Business Desk