We’ve simplified our borrowing structure to support future investment

We’ve completed a set of changes to how we organise our borrowing, making it simpler and easier to understand.

Published: 30/04/2026

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Over time, as we’ve grown, our borrowing arrangements have become more complex. These changes bring everything into a clearer and more consistent structure, with no change to our financial position.  

These changes mean all bonds will be rated by all three major credit rating agencies. This gives investors a clearer picture and makes it easier to compare our bonds now and in the future.

The updated structure also aligns more closely with our European Medium-Term Note (EMTN) programme framework. This means our bonds can act as a clearer benchmark when we raise funding in future.  

These changes will help reduce costs and risk over time. They also make it easier for us to manage our finances and secure funding, so we can keep investing in homes and services for residents.  

Phil Day, our Chief Financial Officer, said: “These changes bring greater clarity and consistency to our borrowing. They make it easier for investors to understand our structure and compare our bonds, while also helping us operate more efficiently.   

“Having a simpler structure puts us in a stronger position when we access the capital markets in future. That helps us secure funding on the best terms and supports our long-term plans to invest in homes and services for residents.”    

There is no impact on existing bondholder rights or our overall financial strength, which remains stable.  

We were supported by Allia C&C as financial advisers and Allia C&C and Lloyds as joint solicitation agents, alongside Trowers & Hamlins as legal adviser.