NHG announces restoration of listings across remaining bonds

Then the G15 landlord published the delayed accounts on 11 October, and applied for the bonds to be reinstated.

In a market update on 14 October the housing association revealed the restoration of trading on the ISM of its £250m, two per cent secured bond due 2036, which had been issued under NHG’s £2tn secured note programme.

On Monday (21 October), NHG announced that the temporary suspension on the listings of its five main market FCA-regulated bonds has been lifted.

These bonds include a £250m issuance at 2.88 per cent due 2029, a £400m bond at 3.25 per cent due 2048, and a £250m issuance at 4.38 per cent due 2054. A £350m, 2032 bond at 3.75 per cent and a £300m bond at 5.25 per cent due 2042 made up the rest of the bonds.

The listings of all of NHG’s bonds have now been restored.

NHG said in the latest market update: “Further to the announcement on 1 October 2024 announcing that the listing of each of the bonds had been temporarily suspended, the issuer announces that, following the publication of the issuer’s accounts on 11 October 2024, the temporary suspension in relation to the ISM bond ended on 14 October 2024 and the temporary suspension in relation to the main market bonds has ended today.

“The listings of all the issuer’s bonds have been restored.”

The delayed 2023-24 results showed £101.5m in exceptional items, including a £53.7m building safety leasehold provision and a £10.1m impairment related to the value of homes affected by fire safety work.

These contributed to an annual deficit of £90.2m in the year ending 31 March 2024, £8m higher than the figure in the unaudited accounts. The deficit followed a surplus of £94.4m achieved in 2022-23.