TradeRisks Limited, a corporate finance firm focussed on specialist residential property and social infrastructure, has acted as corporate finance advisor and sole bookrunner for a GBP50 million fixed rate bond issued by the Church of England Pensions Board (CEPB).
The 30-year fixed rate funding is repayable in tranches between 2044 and 2048 and complements the profile of the CEPB’s existing facilities. GBP30 million was placed with a single institutional investor and GBP20 million has been retained, providing the CEPB with flexible access to the capital markets in the future.
The funding was priced in April 2018 at an attractive credit spread following bilateral engagement with a shortlist of investors. The CEPB, which provides housing to retired clergy, will use the proceeds to replace short term facilities.
TradeRisks was advised by Bryan Cave Leighton Paisner. The CEPB’s legal advisers were Trowers and Hamlins LLP.
David White, Head of Financial Policy and Planning for the National Church Institutions, says: “Securing this long-term commitment from Royal London Asset Management will help support us in financing housing for retired clergy well into the future. This service is vital for clergy who have not been able to make their own provision for housing in retirement, many of whom continue to play an active and valued role in sustaining the Church’s work in parishes across the nation long into retirement.”
Adam Rushton (pictured), Associate Director at TradeRisks, says: “We are pleased to have supported the CEPB in another successful capital markets issuance as they transition to long-term, stable financing. The CEPB benefited from focused bilateral engagement with a targeted group of investors, ultimately delivering a positive result for all parties involved.”
Shalin Shah, Senior Fund Manager at Royal London Asset Management who subscribed to the bonds, says: “At RLAM we manage a range of credit mandates that seek out attractive long-term opportunities within the secured debt space. We are pleased to have participated in this bond financing which helps to meet the needs of the Church’s housing strategy, whilst simultaneously matching our clients’ requirements for attractive long-term income.”
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