Retail Charity Bonds | Greensleeves Homes Trust | Roadshow Announcement
in New Issues
http://www.retailcharitybonds.co.uk/article/greensleeves-homes-trust-roadshow-announcement/
“Retail Charity Bonds plc (RCB) today announces a roadshow on behalf of Greensleeves Homes Trust (GHT) to meet with fixed income investors.
RCB is an issuing platform enabling UK charities to raise medium term debt finance through bonds issued to retail and wholesale investors and listed on London Stock Exchange.
A sterling bond may follow, subject to market conditions”
What would be the likely coupon - I have some of the existing 5% CAF ( CAF1 ) which is trading on a GRY of 3.43%pa
“Retail Charity Bonds plc (RCB) today announces a roadshow on behalf of Greensleeves Homes Trust (GHT) to meet with fixed income investors.
RCB is an issuing platform enabling UK charities to raise medium term debt finance through bonds issued to retail and wholesale investors and listed on London Stock Exchange.
A sterling bond may follow, subject to market conditions”
What would be the likely coupon - I have some of the existing 5% CAF ( CAF1 ) which is trading on a GRY of 3.43%pa
Comments
http://www.greensleeves.org.uk/organisation/publications/
Thanks Paddy for the link to the accounts.
Yes - I'd be surprised if it was outside the range 4.5% +/- 0.25%
Unless of course maturity is beyond 7 years
As you say a smallish charity within the care sector (but with medium no of employees)
Hopefully there be good security on the residential property.
Page 25 (note 10) Loans is worth looking at
Page 26 (Note 11) Operating leases, hopefully more information will be available on the nature of these leases in the prospectus
Surprised that there are only 5 HQ staff, out of 623 FTE
One would have thought there be more central support staff, eg HR, payroll, building support etc.
Agency staffing costs increased from £1.1m to £1.6m, which could mean they are having trouble in recruiting care staff
Otherwise the accounts look very professionally produced.
Look forward to reviewing their prospectus
Further diversification of my portfolio would be beneficial
4.25% September 2026
http://www.greensleeves.org.uk/retail-charity-bond
Interest Rate:4.25% per annum up to but excluding the
Expected Maturity Date.
•
Adjusted Interest Rate:5.25% per annum from and including
the Expected Maturity Date up to but excluding the Legal
Maturity Date, an increase of 1.00 per cent. per annum.
•
Interest Payments:
Interest will be paid in two instalments
on 30 March and 30 September in each year, starting on
30 September 2017 up to but excluding the Expected
Maturity Date (30 March 2026), or up to but excluding the
Legal Maturity Date (30 March 2028) if the Bonds are deferred
until the Legal Maturity Date.
Your actual return will depend on the price at which you
purchase the Bonds and, if you do not hold the Bonds until
maturity, the price at which you sell your Bonds.
Date on which the Bonds are issued and on which interest
begins to accrue
:
30 March 2017
•
Term of the Bonds:
9 years, subject to an election to defer
the maturity of the Bonds until the Legal Maturity Date.
•
Expected Maturity Date
(i.e. when the Bonds are expected
to mature and are repayable): 30 March 2026
•
Offer Period:
The Bonds are available for purchase through
your stockbroker or other financial intermediary in the
period from 7 March 2017 until noon (London time) on
24 March 2017 or such earlier time and date as agreed by the
Issuer and the Lead Manager and announced via a Regulatory
Information Service (which is expected to be the Regulatory
News Service operated by the London Stock Exchange) (the
"End of Offer Date")
Interest Payments: Interest will be paid in two instalments
on 30 March and 30 September in each year, starting on
30 September 2017 up to but excluding the Expected
Maturity Date (30 March 2026), or up to but excluding the
Legal Maturity Date (30 March 2028) if the Bonds are deferred
until the Legal Maturity Date.
Does that really mean that there will be no interest paid for the last six months of the bond term?
Means you don't get interest for the day of maturity
Thank's Oliver, I put an order in.
Hopefully this well run charity will continue to be successful, no doubt this bond will enable it to grow further into a market that is likely to expand over the next few years. Oliver's write-up provides a positive situation.
I have put an order in for these - it will be interesting to see how soon the offer closes.
I echo Shaun's comments about diversification.
My only disappointment was that the intial term was 9 rather than 7 years
Wozzitworthit and Shaunm have commented on Olivers comments but i can't find that here-can you please give me guidance where to find the write-up.? Many thanks.
http://www.fixedincomeinvestor.co.uk/x/analysis.html?type=bond-of-the-week&cat=analysis-comment&y=2017&aid=1515
http://www.investegate.co.uk/retail-charity-bonds/rns/early-closure-of-offer-period/201703140932503978Z/
Greensleeves Homes Trust: Issue Size Announcement
March 14, 2017
The information contained herein may only be released, published or distributed in the United Kingdom, the Isle of Man, Jersey and the Bailiwick of Guernsey in accordance with applicable regulatory requirements. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, Japan, South Africa, the Republic of Ireland or in any other jurisdiction where it is unlawful to distribute this document. The bonds referred to below may only be sold in Jersey in compliance with the provisions of the Control of Borrowing (Jersey) Order 1958 and the Financial Services (Jersey) Law 1998, as amended.
14 March 2017
Retail Charity Bonds PLC
Greensleeves Homes Trust 4.25% Bonds due 2026 (the “Bonds”)
This announcement constitutes the Issue Size Announcement as referred to in the Prospectus dated 7 March 2017 (the “Prospectus“) and must be read in conjunction with the Prospectus.
Defined terms used herein shall have the meanings attributed to them in the Prospectus.
The Offer Period relating to the Bonds closed at 10:30am (London time) on 14 March 2017 and, accordingly, Bonds can no longer be subscribed for pursuant to the offer. In accordance with Article 8(1) of Directive 2003/71/EC (as amended), the Issuer is pleased to confirm the following in connection with the offer of the Bonds:
Issue Date: 30 March 2017
Total principal amount of the Bonds issued (including Retained Bonds): £50,000,000
Total principal amount of Retained Bonds £17,000,000
Estimated net proceeds of the offer: £32,630,000
Estimated expenses relating to the offer: £370,000
For enquiries please contact:
Greensleeves Care
Anna Kleinman Tel: +44 (0)20 7793 3150
Bell Pottinger
Victoria Geoghegan
Elizabeth Snow
Tel: +44 (0)20 3772 2562
Latest trans, very good!
09:19:15 101.90 49,000 49,931.00 OK
08:09:01 101.00 25,000 25,250.00 AT
08:09:01 101.00 25,000 25,250.00 AT
08:05:52 100.75 25,000 25,187.50 AT
08:05:45 100.75 25,000 25,187.50 OK