Jigsaw Homes Group has secured a £360m Sustainability Bond in what is the group’s debut issuance.
As one of the largest providers in England, it has 35,000 properties across the North West and East Midlands.
Jigsaw Funding plc, part of Jigsaw Homes Group, successfully issued the 30 year bond, with £100m retained, at a rate of 3.375% which will help its aim of building 4,000 homes for social and affordable rent over the next five years.
Jigsaw Homes Group, which has just had its G2/V2 rating reaffirmed by the regulator, received high levels of investor engagement, resulting in an oversubscription of almost three times.
It was supported in the process by NatWest as its sole sustainability structuring bank, book-runners NatWest and Barclays, funding advisor Savills and legal adviser Trowers. Funders’ valuation was provided by Savills Advisory Services Limited, with Addleshaw Goddard as legal advisers and security trustee M&G Trustee Company Limited.
Hilary Roberts, group chief executive of Jigsaw Homes Group said: “The level of investor engagement and oversubscription we received reflects our standing as one of the sector’s leading housing groups. Investors were attracted to our robust and consistent financial and operational performance, our track record as an established developer with a strong management team and clear commitment to sustainability. Jigsaw is now firmly established in the Public Bond market which will enable us to deliver more high quality and energy efficient homes.”