News

On January 26, 2022, Flagship Group sold £50m of its retained 40-year bonds. It achieved an all-in interest rate of 2.388%.

The issue was part of a sustainable bond, and the proceeds will be used to build new affordable homes and fund energy efficiency projects. Seven investors participated. 

David Armstrong, Chief Financial Officer said: "This is another highly successful result for Flagship Group and we’re hugely pleased with it, especially with historically low rates locked in for the long term. It represents another big achievement for Flagship to further establish ourselves in the sterling bond market and continue in our aim to be a regular issuer.”

Flagship’s Treasury advisers Chatham Financial supported the transaction, and lead managers (LM) Barclays took on the marketing.

Mills and Reeve provided legal advice to Flagship, Addleshaws acted for the LMs, and Savills provided the property valuations. M&G were the security trustee.

Alex Fitzgerald, Head of Treasury and Regulation said: “The team worked alongside one another really well, and it was a great partnership project. We learnt a lot through their patience and support from the outset. Ultimately we’re very pleased with the result.”