Trowers & Hamlins advise Hyde on £400m bond issue at one of the lowest rates ever achieved
International law firm Trowers & Hamlins has advised Hyde on the property charging aspects of its £400m bond. The bond was issued with a coupon of 1.75%, which is one of the lowest rates ever achieved in the sector. Investors in the £400m bond, which includes a £50m retained element, include some of the largest UK and international institutional investors and asset managers. The final order book was nearly three times oversubscribed.
Partner and Joint Head of Real Estate Finance Security Katie Dyer led the property charging work involving over 3,100 homes, with the large cross-office Trowers team also comprising Tinashe Chipendo, Sarah Cross, Sarah Darvell, Joanna Day, Vicky Dennell, Beth Lindsey, Yvonne Mao, Rachael Mehta, Hannah Milford, Stephen Moore, Katie Munns, Marion Redman, Gavin Shaw and Kelvin Wells.
Katie Dyer from Trowers commented:
“We were delighted to work with Hyde on this transaction, and to be able to prepare over £425m of security in just eight weeks from instruction, helping the association take full advantage of the fantastic rates available at the moment."
Anna Wallace, Treasurer at Hyde added:
"Thanks to Trowers & Hamlins working so swiftly on the security aspects of the bond, we were able to raise an additional £100m at a once-in-a-lifetime rate, and we were very impressed with their commitment to ensuring this transaction happened under such a tight timescale."