LiveWest issues £75m of green bonds

The notes, which are due in February 2031, have been rated A2 by Moody’s.

“An amount equivalent to the gross proceeds of the notes will be used or notionally allocated to support the financing and/or re-financing of green eligible projects as referred to in the Sustainable Finance Framework (as described in the Programme Admission Particulars),” the update from the London Stock Exchange said.

This is LiveWest’s fifth bond under its EMTN programme, following a 5.074 per cent 10-year bond issued in August last year.

The other bonds issued under the programme include a 1.875 per cent 2056 bond issued in 2021, 2.25 per cent bond due 2043 and issued in 2019, and a 5.576 per cent 2048 bond issued in 2013.

According to its financial results for 2023-24, LiveWest saw its underlying surplus climb by £3m year-on-year to reach £51m. Operating surplus rose by £7m over the same period to reach £83m.

This was despite increasing its investment in new and existing homes. The landlord’s maintenance expenditure on responsive, cyclical and major repairs rose by £13m to £102m and its development spend climbed by £24m to £176m.

During the year, LiveWest invested £6m in gross spend on improving the energy efficiency of 985 homes to Energy Performance Certificate Band C and higher. The landlord aims for all its homes to reach this rating by 2028.

LiveWest is currently rated G1/V1 by the Regulator of Social Housing.