Retail Charity Bond | Golden Lane Housing 3.9% due 2027

Retail Charity Bonds PLC today announces the launch of the Golden Lane Housing Retail Charity Bond offering 3.9% due 2027 (the “Bonds”).

Golden Lane Housing Ltd (the “Charity”) was established by the Royal Mencap Society (“Mencap”) to provide quality homes to people with learning disabilities. Since its inception, the Charity has built a substantial property portfolio: it either owns or leases 798 homes, which provides housing for 1,645 tenants with a learning disability in the UK (31 March 2017). In addition to providing homes, the Charity provides specialist services to its tenants in partnership with other care providers, including Mencap. This includes providing bespoke adaptations to the properties to meet the needs of their tenants.

http://www.retailcharitybonds.co.uk/article/golden-lane-housing-retail-charity-bond-3-9-due-2027/

Not for me ( 3.9% for ten years ) but may be of interest to others?

Comments

  • Rate and longevity no surprise seeing how others have been pushing one down and the other up over the past months

    Good cause though, but maybe a donation might be a better (safer) way of helping them
  • Might as well put the proceeds of my TESCO tender in.
  • edited November 2017
    Might go for the minimum amount on this one, just to show willing. Bit of a token gesture. Perhaps there will be interest from institutional investors? (unless it's too small-scale?). Will be interesting to see how the .25% increase in the bank rate affects coupons on new issues.
  • EARLY CLOSURE OF OFFER PERIOD

    GOLDEN LANE HOUSING RETAIL CHARITY BOND 3.9% DUE 2027

    Retail Charity Bonds PLC announces that the Offer Period for the Golden Lane Housing Retail Charity Bond (the “Bonds”) will close at 4pm (London time) on 3 November 2017 (the “End of Offer Date“), such time and date being earlier than the originally scheduled end to the Offer Period which was 12 noon (London time) on 15 November 2017.

    http://www.retailcharitybonds.co.uk/article/golden-lane-housing-early-closure-offer-period/
  • What a surprise, no doubt they didn't want stock brokers to take orders over the weekend, to avoid scaling down the issue.
    Oliver, brilliant write-up on the issue. Was planning to review the prospectus this weekend, however no point now.
    Oliver, your comment "But, we all have our personal Rubicons and I don't fancy getting my feet wet." suggests that perhaps you haven't been out paddling in your kayak recently. Did you ever complete going around the Isle of wight?
    Although BOE Base rate has increased, this could help to keep "inflation at bay", by strengthening the UK pound (Although it did the opposite yesterday)
    A greater concern is the appointment Jerome Powell as the new chair of the Federal Reserve!
    That and possibly a left wing labour government in five years time (2022)
  • confused as hell!
  • Maybe I will buy a short FTSE ETF instead
  • SUK2 is the FTSE100 short I use.
    It's x2 exposure.
    Has served me well when the FTSE hits 7540 in the past.
  • I did trade a short FTSE ETF in the past (as a hedge), but as this article points out many/most investors get less return than they expect, partly due to fees and also due to the counter-intuitive way the ETFs are constructed, a really good article on this is here:
    http://monevator.com/short-etf-maths/

    As it turns out, I need to sign an 'application to invest in complex instruments' with AJ Bell, (no such requirements in the past with HL).
  • To reply to Shaun.

    Mark Glowrey and I have not (yet!) managed to complete the kayak circumnavigation of Isle of Wight. However, we have not given up. This year's leg got cancelled by Mrs. Butt as I was told I had more important things to be doing but I reckon it needs only one more push. We have got as far as St. Helens (in an anti-clockwise direction) so we can look forward to rushing up the Solent with the tide (but perhaps not the wind) behind us. The only problem is having set out such a long time ago we can't quite remember where we started. Was it Cowes or was it Newtown estuary?
  • Paddy, thanks for the article re shorting the FTSE, very interesting and certainly only to be used on short-term basis. AJ Bell is right to treat them as "complex instruments".
    I think I will keep to the duller and possibly safer world of fixed interest securities, which has served me well since 2012 and after reading Mark Glowrey's "The Sterling Bonds and Fixed Income Handbook", an excellent publication.
    Oliver,
    Many thanks for your reply, with little happening on the new ORB issues market (of good quality) this year, one would have hoped that you were able to participate in some great paddles
    Always enjoyed your "Bond of the Week", especially those referring to seafaring ....
    eg Burford 25/7/2014
    "Conclusion: Should you take the Faustian Pact? Can you sail your upstanding bond portfolio past the siren calls of 6 1/2% without dashing your vessel onto the rocks of unprincipled greed?"
    Perhaps the solution maybe to take to calmer waters (before the FT100 implodes!) with perhaps taking Mrs Butt in an open canoe, and of course with Mark in his kayak. Plenty of splendid UK rivers & canals to explore.
    To wet-ten (gather) your appetite for next year, viewing a few photos may help you, at
    https://www.flickr.com/photos/123873784@N02/collections

    Thank you again, from myself and other forum readers, for your time researching, complying & writing the "Bond of the Week" articles - I feel so much safer in what could be very dangerous waters!
    Hope you complete the final stage (No 6?) of circumnavigating the Isle of wight with Mark without any circular rolls
  • Oliver - many thanks for the piece on Golden Lane - usual impeccable standard in analysis and wit. Informative and enjoyable.

    Will look out for you and Mark as you kayak round our shores

    Woz
  • Performing well in the WI market , 101.60 bid. I guess since this is a small issue, the supply demand dynamic is outweighing the lower coupon.
  • Desperate times etc. Must be surely better around. Certainly does't seem much for a 10 year hold !!! It certainly didn't do it for me but amazingly snapped up in such a short time
Sign In or Register to comment.