20 May 2019

Interim Results Announcement

Inflation-linked rents and asset management initiatives drive total return, NAV and portfolio valuation uplifts

Residential Secure Income plc (“ReSI”) (LSE: RESI), which invests in affordable Shared …


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13 May 2019

New management agreement for retirement housing portfolio

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable shared ownership, retirement and local authority housing, is pleased to announce that, following a competitive tender pr…


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08 Apr 2019

TRADERISKS ARRANGES FINANCING AND ADVISES ON SIFI NETWORKS AMERICA’S SMART CITY FIBRE ROLL-OUT

TradeRisks has arranged over $75m in equity financing for Sifi Networks America Ltd (“SiFi”), to fund the deployment of Smart-City ready digital Fiber-to-the-Premises (FTTP) infrastructure in the City…


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01 Apr 2019

ReSI acquires 132 apartments for use as shared ownership for £60 million

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in affordable shared ownership, retirement and local authority housing, is pleased to announce it has exchanged contracts to acquire 1…


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30 Jan 2019

Residential Secure Income plc - Net Asset Value & Corporate Update

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce its unaudited net asset va…


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22 Jan 2019

ReSI CAPITAL MANAGEMENT & MORGAN SINDALL INVESTMENTS TARGET 1,500 NEW SHARED OWNERSHIP HOMES WITH A MAJOR NEW £300 MILLION RESIDENTIAL PARTNERSHIP AGREEMENT

Residential Secure Income plc ("ReSI" or the "Company"), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that its fund manager…


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07 Jan 2019

TRADERISKS ARRANGES DEBT FOR ARLINGTON EQUITIX JOINT VENTURE TO ACQUIRE STUDENT BED PORTFOLIO FOR £232M FROM FUSION STUDENTS AS PART OF A DEAL TOTALLING £280M

Arlington Advisors (Arlington), the UK-based investment manager, on behalf of Arlington Investors, has acquired a portfolio of 2,458 purpose-built student accommodation (“PBSA”) beds for some £280m. T…


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23 Nov 2018

Maiden annual results announcement

Accelerated second half activity underpins robust financial performance with £234 million deployed since IPO.

Residential Secure Income plc (“ReSI”) (LSE: RESI), which invests in residential asset cl…


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26 Oct 2018

£40 Million debt secured on retirement flats portfolio

Residential Secure Income plc ("ReSI" or the “Company”) (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, announces that, as envisaged at …


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03 Oct 2018

Appointment of ReSI Housing Chairman

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that its wholly owned for …


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27 Sep 2018

Arlington Advisors borrows a further £31.2m from the capital markets to refinance and consolidate a student accommodation portfolio

The transaction sees Arlington Advisors (“Arlington”) consolidate its 1,494 bed student accommodation portfolio, operated by Study Inn, into a single long-dated portfolio funded by a project finance b…


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30 Aug 2018

Appointment of Chief Financial Officer

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that TradeRisks Limited, t…


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17 Aug 2018

TradeRisks arranges £90m guaranteed financing for two new colleges at Durham University

The bond issue by Mount Oswald Colleges LLP will finance the construction of two new colleges designed for student residence at Durham University (the University).

The 46-year RPI linked bonds are ra…


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30 Jul 2018

GreenSquare secures £75m of new funding

TradeRisks Limited, the corporate finance firm that provides specialist advice to housing associations, local authorities and other providers of social infrastructure, has advised, arranged and placed…


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09 Jul 2018

Registration as a provider of social housing

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that ReSI, through its who…


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02 Jul 2018

£53 Million Debt secured on retirement flats portfolio

Residential Secure Income plc ("ReSI" or the “Company”) (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that, as …


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13 Apr 2018

TradeRisks supports the Church of England Pensions Board on £50 million fixed rate bond issuance

TradeRisks Limited (“TradeRisks”), the corporate finance firm focussed on specialist residential property and social infrastructure, has acted as corporate finance advisor and sole bookrunner for a £5…


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06 Feb 2018

About TradeRisks: League Table Rankings

TradeRisks is a leading arranger and advisor of capital markets debt with a particular focus on social infrastructure. According to the InfraDeals 2017 Project Finance league tables, TradeRisks was:


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05 Jan 2018

Arlington Investors borrow £75.2m from capital market investors to support student accommodation acquisitions

The transaction sees Arlington acquire a portfolio comprising 1,013 beds in Coventry and Nottingham from Study Inn taking Arlington’s student accommodation holdings to more than 10,000 beds and a tota…


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22 Sep 2017

TradeRisks advises on £120 million deferred bond

TradeRisks Limited, the corporate finance firm that provides specialist advice to housing associations, local authorities and other providers of social infrastructure, has advised, arranged and placed…


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01 Sep 2017

Stonewater issues £100m from new funding facility to help drive ambitious housing program

Leading social housing provider Stonewater has signed a $150 million funding facility to help drive its ambitious housing development programme which is set to deliver 2,765 new homes across England b…


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07 Jul 2017

ReSI Result of Issue

Residential Secure Income plc is pleased to announce that it has successfully raised gross proceeds of £180 million pursuant to the placing and offer for subscription of ordinary shares in the capital…


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12 Jun 2017

ReSI Capital Management – investing in the residential asset classes that comprise the stock of UK social housing providers

“Telegraph - Social housing trust targets £300m listing”

 

http://www.telegraph.co.uk/business/2017/06/11/social-housing-trust-targets-300m-listing/

 

 

“The Times - Social housing investment fun…


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22 Mar 2017

Belgium care home operator, Senior Assist, issues €161,170,000 30-year bonds in two transactions to finance the acquisition and development of senior care homes

On issue date €53.5m of the bonds were sold, with a further €107.7m retained by the issuer for future sale. The initial bond proceeds will allow Senior Assist to acquire two operational homes and deve…


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02 Mar 2017

University of Essex refinance student accommodation project issuing £98.2m of bonds

The bond issue refinances student halls of residence at the University of Essex’s Colchester Campus delivering a substantial refinancing gain to the University.

The 41 year RPI linked bonds are rated…


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16 Nov 2016

Inflation Linked Debt: Analysis of Local Authority Bond Issuances

In the current environment of ongoing cuts to central government funding for local authorities, local authorities are increasingly looking to use capital spending to create revenues to fill this spend…


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11 Nov 2016

Herefordshire Housing agrees a staggered sale of £35 million retained bonds

Herefordshire has agreed terms for the immediate and future sales of its retained bonds, enabling them to continue to invest in communities in and around Herefordshire over the coming years.

The bond…


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24 Aug 2016

Arlington Investors borrows £68.8m from capital market investors to support student accommodation acquisitions

The transaction sees Arlington acquire a portfolio comprising 951 beds in Leeds and London from Rockspring taking Arlington’s student accommodation holdings to more than 7,800 beds and a total investm…


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18 Jul 2016

TradeRisks appointed as Treasury Advisor to Local Authority

TradeRisks Limited has been appointed as Treasury Management Advisor to Derby City Council, following a competitive tendering process for a 2 year contract.

The appointment of TradeRisks as a Treasur…


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11 Jul 2016

Peabody Trust accesses £125m Private Funding Facility

Peabody Trust (“Peabody”) has signed a £125 million funding facility to support its liquidity position and the development of new housing in London.

Peabody will initially issue £10m of notes from th…


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11 May 2016

Platina Partners LLP successfully completed the £28m refinancing of the 28 MW Danu II wind portfolio

Platina Partners LLP (“Platina”) has secured £28m of new funding in order to refinance their 28 MW Danu II wind farm portfolio, consisting of two operational 14MW on-shore wind farms in the UK, both c…


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26 Apr 2016

Bracknell Forest Homes secures £35m new institutional funding as part of £88m debt restructuring

The 32-year fixed rate funding was placed with a single capital markets investor.

The funding was priced in November 2015 at an attractive spread, following multiple bilateral engagements with inves…


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10 Mar 2016

Arlington Investors issue £94m of bonds to support student accommodation acquisitions

The transaction builds on Arlington’s successful partnership with Campus Living Villages (“CLV”), one of the world’s largest owners and operators of student accommodation.

The two portfolios, which w…


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03 Mar 2016

TradeRisks Limited and Warrington Borough Council Announce Launch of The Gateway

TradeRisks Limited and Warrington Borough Council have today announced the launch of the Public Sector Investment Gateway (the Gateway) for the delivery of financial services to UK Local Authorities a…


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05 Jan 2016

Belgium care home operator, Senior Assist, issues €186m 11-year BBB bond to finance the re-acquisition of 20 senior care homes

The bond issuance allowed Senior Assist to re-acquire ownership of the homes that it already operated under long leases from Cofinimmo, a listed Belgian real estate firm. By financing the combined ope…


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28 Aug 2015

The Church of England Pensions Board issues £100 million 33-year CPI linked bond to fund clergy retirement housing

The Church of England Pensions Board (”CEPB”) today announced that it has issued £100 million CPI-linked bonds repayable in tranches between 2038 and 2048. £70 million were placed by CEPB’s corporate …


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26 Aug 2015

Warrington Borough Council issues £150 million 40-year CPI linked bond to fund its capital programme

Warrington Borough Council (the Council) today announced that it has issued £150 million of CPI-linked bonds. £50 million were sold by TradeRisks Ltd, who structured and arranged the issue, and £100 m…


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30 Jul 2015

Radian secures £57 million of deferred funding

Radian secures £57 million of deferred funding, July 28, 2015

Radian has secured £57 million of deferred funding to enable them to continue to invest in communities in the South of England.

The bond…


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23 Jul 2015

Impact of Summer Budget rent cuts on housing asset valuations

INTRODUCTION

A 1% nominal cut in rents each year for four years will be materially below principal projections in association business plans.  The change effect will be cumulative and will set a lowe…


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01 May 2015

Notting Hill Home Ownership Receives Japanese Yen Unsecured Investment

Notting Hill Home Ownership (NHHO), rated AA (stable) by Standard & Poor’s, has today received a loan of 5bn JPY (equal to £28m) from a Japanese investor.  NHHO is the shared ownership subsidiary …


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23 Feb 2015

TradeRisks' letter to the FSA

The Baron Turner of Ecchinswell
Chairman
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

29 March 2010

Dear Lord Turner

The legacy role of banks in non-bank lend…


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26 Nov 2014

Market Expectations for Inflation: a historic parallel

Market expectations for inflation have reduced in the past few months, particularly in the US and Eurozone, so maybe it is the time to revisit how Japan looked 10 years ago.

Click h…


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24 Nov 2014

Herefordshire Housing issues £120m of funding through the capital markets

Herefordshire Housing Limited (HHL) has secured £120m of funding to refinance existing bank loans and raise additional funding to support their growth plans in Herefordshire.

The bonds, which are rat…


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24 Sep 2014

TradeRisks expands its transaction and advisory teams

TradeRisks is pleased to announce the appointment of two experienced professionals across a range of disciplines as part of the firm’s continued growth in its capital markets and advisory offering, an…


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12 Sep 2014

Watford Community Housing Trust secures £40 million of new funding from Barclays

Watford Community Housing Trust has secured £40 million of new funding from their existing lender, Barclays, to support their growth plans and enable them to continue investing in their local communit…


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08 Sep 2014

TradeRisks financial and funding advice helps secure the Wolfson Economics Prize

Pete Redman of TradeRisks provided his financial experience of social housing development and of regeneration projects as a member of the team that, last night, won the much coveted and influential Wo…


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25 Jul 2014

Accounting Update: Amendments to FRS 102 - Financial Instruments and Hedge Accounting

The FRC has recently issued amendments to FRS 102 in respect of the classification conditions for the treatment of “basic” financial instruments and conditions of hedge accounting under sections 11 an…


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17 Jul 2014

Sale and Leaseback

A number of housing associations have been approached with similar offers from institutional investors based on a sale and leaseback (“S&L”) financing structure. This note considers the
key financ…


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27 Jun 2014

TCHG secures £80m of new funding through the capital markets

Town and Country Housing (TCHG) has secured £80 million of funding to support their growth plans and enable them to continue to invest in communities in their heartland of Kent and East Sussex.

The b…


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02 Jun 2014

Housing Solutions secure £50m using innovative deferred funding transaction

Housing Solutions has secured £50 million of funding to support its ambitious development plans for new affordable housing over the next four years.

The debt facility has been agreed with Legal &…


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02 May 2014

Radian secure £300 million of funding using innovative deferred bond transaction

Radian has secured £300 million of funding to support their growth plans and enable them to continue to invest in communities in the South of England.

The bonds, which were rated A1 by Moody’s Invest…


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05 Mar 2014

Campus Living Villages and Arlington Investors secure £210m bond financing to support student accommodation acquisition

Campus Living Villages (CLV) and Arlington Investors have secured £210m of bond financing to support their purchase of eight student accommodation sites for approximately £245m  from PwC as administra…


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24 Feb 2014

TradeRisks expands its advisory and transaction teams

TradeRisks is pleased to announce the appointment of three experienced professionals across a range of disciplines as part of the firm’s continued growth. It's expanding the advisory service offering,…


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20 Feb 2014

Accounting Update: FRED 54 – Proposed Amendment to FRS 102 on the treatment of financial instruments

The FRC has recently issued a proposed amendment to FRS 102 known as FRED 54. This governs the treatment of “Basic” Financial Instruments under section 11 of FRS 102: FRS Accounting and Reporting Poli…


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10 Oct 2013

Deferred Funding: Long Term Finance Without Carry Cost

Deferred Funding Bond (1)Deferred Funding BondDeferred funding provides a route for borrowers to access long term finance while minimising cost of carry. The structure, which was pioneered on Knightst…


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30 Jul 2013

Knightstone secure a £100m funding boost in a ground-breaking deal

Knightstone Housing has secured a £100 million funding boost to support their growth plans and enable them to continue to invest in communities in Somerset and the West of England.

The bond is the fi…


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08 Jul 2013

New Social Rent Regime: Impact on Housing Associations

At first sight a shift from RPI+0.5% to CPI+1.0% looks innocuous with the RPI/CPI gap last month at 0.4%.

But we argue that the new social rent regime announced in the Chancellor’s spending review wi…


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10 May 2013

Housing virtuoso, Pete Redman, joins TradeRisks

One of the most experienced leaders in social housing, Pete Redman, has joined TradeRisks as Managing Director heading the Policy and Research function.

He brings an unparalleled knowledge to the for…


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01 May 2013

TradeRisks places £60m of Peabody debt at record low yield

Peabody has raised £60m through a bond placement at a yield of 3.94%, a spread of 95 basis points over the benchmark gilt.

The all-in cost of borrowing is the lowest ever in the sector for 30-year fu…


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23 Jan 2013

Aster Group and Notting Hill face each other on interest rate swaps executed through OTC Exchange

Two corporates - Aster Group and Notting Hill Housing Trust - have recently entered into interest rate swaps with each other via TradeRisks’ swap platform, OTC Exchange.

This is a notable example of …


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17 Sep 2012

TradeRisks recruits senior pensions expertise to access new investors

TradeRisks further expands its reach and product range with the appointment of Jeff Hunt, a senior actuary with 20 years’ experience in advising corporates and trustees on pensions risk management.

“…


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06 Jul 2012

The social housing sector: investment opportunities

The social housing bond market is fundamentally undervalued with yields being driven upwards by market inefficiencies. The weighted average spread above gilts on AA rated primary issues in 2012 has be…


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25 Jun 2012

TradeRisks expands pensions and insurance expertise

TradeRisks has announced the appointment of two experienced actuaries, Tim Humphrey and James Lumb, as part of the firm’s expansion of its capabilities in delivering new end-user to end-user markets.


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26 Jan 2012

Treasury Execution Benchmarking

IS YOUR TREASURY A STRATEGIC ASSET, A SUPPORT FUNCTION, OR A THREAT TO YOUR ORGANISATION?

Corporate treasury functions are coming under much greater pressure to perform well in increasingly turbulent…


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26 Jan 2012

TradeRisks’ Gilt Repo Services

TradeRisks’ Gilt Repo Services (TR GRS) allows clients to deposit cash whilst receiving Gilts as collateral. Such collateral mitigates the counterparty risk associated with bank deposits or other trad…


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04 Jul 2011

TradeRisks Expands Infrastructure Advisory and Financial Modelling offering

TradeRisks has announced the appointment of three experienced project finance professionals, Tom Paul, Elizabeth Snape and Ben Fry as part of the firm’s continued expansion into the infrastructure and…


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24 Jun 2011

Cost of Capital for Banks

This paper from a Stanford professor is a great statement of why changing the debt/equity mix does not need to imply higher “costs”:  

http://www.gsb.stanford.edu/news/research/admatiopenchase.html


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18 Feb 2011

Jon Slater Appointed Joint Chief Executive of TradeRisks

TradeRisks today announces the appointment of Jon Slater as Joint Chief Executive.  Jon joins from JP Morgan where he was Global Head of Structured Credit Trading.

Alex Pilato, founder and existing C…


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18 Jan 2011

FINCAD article 'British derivatives system looks to bypass banks'

British derivatives system looks to bypass banks

Published: 18th January 2011

Major financial reform initiatives underway in the U.S. and Europe call for banks' derivatives-trading activity to be …


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18 Jan 2011

Financial News article 'And what if we didn't need investment banks?'

And what if we didn't need investment banks?

By Elizabeth Pfeuti in London
Published: 18 Jan 2011

It may not surprise Financial News readers, but the fees institutional investors pay to their deal…


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16 Jan 2011

Financial Times video and article on OTC Exchange

 

Derivatives trading platform bypasses banks

By Jeremy Grant in London
Published: 16 January 2011

A new type of derivatives trading platform has emerged that would allow pension funds and indu…


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17 Nov 2010

“Search and matching” theories

The lack of competition increases funding and hedging costs for borrowers, which in turn has a direct negative effect on economic growth. The ‘product bundling’ approach used by banks to reduce compet…


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17 Nov 2010

Marking-to-market banks

When only part of a balance sheet is marked-to-market and the other is not, not only an entity (bank or corporate or pension fund) will have two fundamentally different and incompatible risk measures,…


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17 Nov 2010

The Third Way: OTC Derivatives Markets for End Users

For a long time, we have been concerned by the common practice in Over the Counter (“OTC”) derivative markets of end users conducting all their hedging activity with a small group of their “relationsh…


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17 Nov 2010

Landmark Circle Anglia £110M bond issue gives boost to non-bank distribution channels

Long dated bond issues from the UK housing association sector are rarely headline grabbing events, but in a major break with market convention, corporate finance and investment firm TradeRisks has act…


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06 Oct 2010

Richard Raeburn Appointed Chairman of TradeRisks

TradeRisks today announces the appointment of Richard Raeburn as Chairman.

Alex Pilato, founder and Chief Executive of TradeRisks commented: “Richard’s appointment is a real demonstration of our ambi…


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24 Sep 2010

Standard

TradeRisks designs and develops financial and credit scoring models for the analysis and management of liabilities of sovereign institutions to assist these clients in understanding their credit risk …


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22 Sep 2010

Maximising enterprise value in the not-for-profit sectors

Corporate finance theory has long established that companies should maximise their Enterprise Value no matter who the shareholders are.

Because not-for-profit organisations have no such macro-measure…


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09 Jul 2010

OTC Exchange executes over £1bn of swaps for UK Quasi-Sovereigns

OTC Exchange, the OTC Derivatives Exchange platform established by TradeRisks has announced that is has transacted a total of more than £1bn notional of GBP swaps for UK quasi-sovereign social housing…


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02 Jul 2010

TradeRisks arranges £180m bond for Notting Hill Housing Trust

Notting Hill Housing Trust, one of London's leading affordable housing providers, owning and managing over 26,000 homes across London and the wider South East, ("NHHT") has successfully launched and p…


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01 Jul 2010

TradeRisks arranges debut £50m funding for Church of England Pensions Board

The Church of England Pensions Board has entered into a £50m loan agreement arranged by TradeRisks to provide the finance needed over the next 3-4 years to assist clergy with their retirement accommod…


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26 Mar 2010

The legacy role of banks in non-bank funding and hedging

A letter to Lord Turner from Alex Pilato, Chief Executive:

Banks have traditionally provided funding and hedging acting as principals. The financial crisis has critically reduced banks’ appetite for …


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04 Oct 2009

Sovereign issues £175m bond at lowest price for five years

Sovereign Housing Group has completed a £175 million bond issue. The issue was priced at 155 basis points over gilts, at an all-price of 5.705 per cent – the lowest since 2004, according to TradeRisks…


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28 Jul 2009

TradeRisks vehicle set to rival THFC

Sector adviser TradeRisks is to compete with established issuer the Housing Finance Corporation by launching a new group capital markets vehicle.

TradeRisks managing director Phil Jenkins said the se…


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17 Jul 2009

RSLs execute joint swap to bypass lenders

Removal of Supporting People ring-fence 'poses serious threat' to small providers.

The Supporting People programme's forthcoming merger into local authorities' general care & support funds poses …


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04 Jul 2009

TradeRisks sets new capital markets benchmark with £175m deal for Sovereign Housing Group

TradeRisks, the investment banking boutique, today announces the successful launch of a £175m debut 30 year bond issue for Sovereign Housing Group, one of the UK's leading affordable housing providers…


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23 May 2009

Jenkins leaves Royal Bank of Canada and steps into leading role at TradeRisks

Jenkins leaves Royal Bank of Canada and steps into leading role at TradeRisks. Phil Jenkins has been appointed as managing director od financial consultancy firm TradeRisks after leaving Royal Bank of…


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28 Apr 2009

Warning over push towards short term funds

Whitehall rent cap cut widens tenants' divide and poses business plan problem for transfers. Young stock transfer associations are facing budget shortfalls which could delay improvement works after Wh…


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