Roadshow Announcement - HIGHTOWN HOUSING ASSOCIATION

Retail Charity Bonds PLC today announces a roadshow together with Hightown Housing Association Limited to meet with professional fixed income investors.
Retail Charity Bonds 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 will follow, subject to market conditions.
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Comments

  • Intresting to see what the rate is and length of term
  • Hello all, anyone seen/heard anything further on this potential issue. ?
  • Nothing! Any day now, I hope.
  • Selftrade is showing this as closed shortly after 3pm?
  • Well 4pct looked mean and certainly over 10 years when a 5 year bank account can pay as much as 2.75pct. If Kooperthequick is correct though it couldn't have been that mean. ! I will check with H.L./others to see status.
  • If it's a high-grade credit, then I suppose 4% is not surprising at this point in the credit cycle. Good review by Oliver. It hasn't appeared on AJ Bell YouInvest or X-O yet so I would be surprised if it had already closed.
  • H.L. tell me that ' the dept. that deals with this has now gone home-try again in the morning ' also adding ' there is nothing showing in our system yet '.
    See Oliver Butts views are quite bullish even though he admits the coupon is a tad shy. Have to wait and see i guess if the offer is indeed still open in the morning. If so maybe worth a 2 -3 year view as long as the belief is there will be no/little price slide below par.
  • I suspect that Selftrade have just started to set this up on their system and are not yet ready to accept any orders. The prospectus is shown but not available either.
  • -- "Launched today - 4% ten years:" --

    Oh my Goodness! With RPI inflation just shy of 4 % as well, and heading up? No way!

    I can think of better ways to lose money.


  • I placed an order over the phone with HL earlier today and it is showing as pending on my account. They found the bond quickly and made no charge for the phone call order.
  • 4% = no thanks!
  • Looks like a glitch at Selftrade yesterday as the bond is available again this morning
  • Rick 24 ... are you having a laugh? Investment grade? Maybe if you're one of the secured lenders, but you'll be at the bottom of the pile. Sub investment grade, and now you're talking.


  • Selftrade showing bond opening yesterday at 1230 and closing yesterday at 1513 or so - impossible to put in order as , unsurprisingly when you try, it says it hasclosed.

    Spoke with them just now (1030) and they say they are aware and are working on it, and to check back later.

  • Oliver, many thanks for the write-up, much appreciated
    Placed an order this morning with You Invest, smaller than usual as I already have some of the previous issue. The yield is not exciting, however neither are the yields on the majority of my fixed income securities, in particular those maturing 2019/20 (around 3%, some much lower eg WKP1 = 2.57%).
    With general market yields still falling as indicated by my Preference share holdings, which continue to provide good unrealised gains (BOI, ELLA, NTEA etc).
    Have been placing money with infrastructure funds, however the risks ( & rewards) are greater. Past year infrastructure investments have had a mixed performance
    Probably retain the new holding for 3 years.
    Main concern is political, will the next Government be left-wing labour?
    September new vehicle sales (poor) may indicate that we are now seeing the 1st real effects of the decision to leave the EU with perhaps gloomier economic ahead!
    Safe, but dull new investment in Hightown
  • Think Shaunm sums it up well and i share his sentiments that if there is nowhere else to go for next 2-3 years then this could be reasonably a safe house for that period. I could not consider the full 10 year stretch. ! So only question/unknown is will the issue remain on/above par for the 2-3 years ? Answers on a post card please. !
  • It'll remain above par while the asset bubble (housing) keeps-a-floatin'. Then, when there is a correction, your unencumbered asset test will get stretched as the assets currently designated as unencumbered get moved to the secured lenders so their covenants don't blow. At that point, if anyone is awake, your bonds should trade below par.
  • I may still buy some
  • Well SMU thats a surprise,you had me fooled. Maybe 2-3 years for you too then ?
  • I'm looking to add a good credit rather than high yield at the moment so I've ordered some. Main worry: payment of universal credit direct to tenants, who may have different priorities to their landlord!

  • First of all - many thanks to Oliver for his write-up. The high standard of his analysis, prose and wit still makes these a real pleasure to read and a tremendous help in the making the decision as to whether or not to purchase

    Mrs Woz and I have been buying most of the recent four to four and a half percenters, as we think it likely they will continue to trade at or just above par for a year or two yet, and as long as we are keeping an eye on the price, we should do better than putting the money in a one or two year fixed term deposit account.

    By the way - Selfrade have now sorted themselves out and it is possible to place orders on line. As I have said before, it is useful that you can go on line anytime up to the close and delete or modify the order -obviously being aware that a lot of these recent issues have closed early
  • Asked Barclays Smart (?) Investor about these today, only to be told that Barclays system will not longer support new bond issues. They are 'working on it!'
  • BWB- what a surprise. Barclay´s S.I: ( what an irony) has got everything wrong with the relaunch. That is why I and thousands others are leaving this poorly maintained ship, as repairs are not on the horizon and letters remain unanswered..
  • I am dismayed that Interactive Investor are not offering this bond as an IPO. I thought I could depend on them and for whatever reason they have let me down. I can not quickly open an ISA elsewhere and now I have to spend time evaluating other suppliers to move my account to. I have bonds that have a lower return and this would have been an easy win.
  • Hi Gliderpilot, for what its worth i spoke to H.L. earlier today and they said they were not inundated with applications for the issue more of a trickle. So it maybe time could be on your side to register with another provider and get in your application well before the cut off time. I seem to remember that H.L. can open an account within 24-48 hours and you can certainly fund your account over the telephone from your bank debit card. As for your ISA i think they can open your 2017/18 almost straight away too so you might be lucky. Worth a call in the morning and tell them of your dilemma and see what they can do for you. Good luck and will be interested to hear how you get on.
  • Gliderpilot, further to the above i just checked the H.L. website and it says you can open an account/ISA account all over the phone ' in minutes' and fund it by debit card. You just need your N.I. number to hand. Fyg the specific phone number for this is 0117 9809950.
  • Got this from iii and bit disappointing...

    We have had confirmation that we will not be involved in the Hightown Housing Association Retail Charity Bond 4% due 2027 IPO, therefore we will not be offering this product through the web platform.
  • I have put an order in, without any great enthusiasm, 4% 2027 is at the limit, most of us investing in this bond would prefer a fixed term bank deposit, but the likes of Nationwide BS prefer to spend money on funky poetry ads telling us how wonderful they are.
  • Offer closed today @10:30am
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