GB Social Housing

Providing long dated, fixed rate loans to UK housing associations

GB Social Housing opens the door to public bond finance via its £2 billion bond programme

A- (Stable) S&P

The issuer rating from S&P Global Ratings

£2 billion

The size of the secured note programme dedicated to the social housing sector

2038 and 2047 tenors

GB Social Housing open the door to public bond finance

GB Social Housing plc (“GBSH”) is a finance company with the sole purpose of providing loans to the UK social housing sector.

The company is a loan aggregator and raises finance through capital markets notes issuance.

Note proceeds are on-lent to eligible UK social housing associations on a secured basis.

All GBSH loans include an initial set of financial covenants that comprise a minimum asset cover, minimum interest cover and maximum gearing covenant. Subject to GBSH credit approval, these covenants could vary across borrowers and borrowers may vary covenants within the agreed ranges (subject to Issuer consent) annually. If interest cover is reduced and/or gearing increased, additional asset cover will be required by GBSH.