Section: Housing Finance

Jenrick launches £266 million housing fund for vulnerable people

Posted 18.07.20
GOV.UK: Further reading

Housing Secretary Robert Jenrick launched the next step in the plans to help ensure some of the most vulnerable people in society continue to have a roof over their heads and are helped into long term accommodation.

Councils and their local partners can now apply for funds from the government's Next Steps Accommodation Programme, to cover property costs and support new tenancies for around 15,000 vulnerable people who were provided with emergency accommodation during the pandemic.

A total of £105 million is now available to ensure interim accommodation and support continues for those who need it and can be used to help people move into the private rented sector, extend or secure alternative interim accommodation, or where possible help people to reconnect with friends or family.

In addition - first wave funding of £161 million is also available to provide 3,300 additional supported homes this year for those currently housed in emergency accommodation. This is part of a total of £433 million to provide 6,000 long term, safe homes for those in need.

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Network Homes attracts £150m of secured and unsecured funding in the private placement market

Posted 13.07.20
Network Homes: Further reading

Network Homes has finalised the terms of a £150 million private placement from a small group of UK, US and Canadian institutional investors.

The transaction comprises £70 million of secured borrowing, plus £80 million of unsecured borrowing. Maturity terms range from 15 years to 30.25 years.

Network launched the private placement with £100 million on the cover of the transaction but upsized to £150 million following strong demand from both UK and North American investors in relation to both secured and unsecured notes, with the orderbook almost three times oversubscribed.

The deal follows Network's pioneering debut capital markets issuance in January 2019 for £175 million, which was the first private placement in the sector that comprised of both secured and unsecured notes on the same transaction.

The 2019 transaction priced with very attractive rates but was comprised exclusively of North American investors due to UK investors being unable to compete on price.

The 2020 transaction had a large UK orderbook and marks significant progress on a journey to generate increased price tension through the inclusion of multiple investor bases.

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Reporting on July 2020

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