Launch: 2018

Blend Funding Plc

Overview

Blend Funding Plc, established in 2018, is a financial aggregator who provides much-needed, competitively priced bond finance to housing associations across the UK. Blend benefits from the flexibility of its £3bn MTN Euro Note programme, granting it the ability to bring different maturities into the market. Blend was assigned an A2 long-term senior secured rating with “stable” outlook from Moody’s.

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Blend Funding Plc in Numbers

£1.52bn

Total Capital
Outstanding

31

Housing Associations
Supported

A2

(stable) - Moody's
Rating

Summary Terms
Purpose
  • General corporate purposes
  • Examples include to finance the purchase, acquisition, development, repair or improvement of property to be used for housing or the refinancing of existing loans for such purpose
Loan Amounts
  • Minimum £20m
  • Smaller amounts possible for advances with multiple participants
Drawdown
  • Flexible drawdowns with the choice to defer for up to 24 months
Minimum Security Requirements
  • 2 weeks or less for pre-approved borrowers
  • 6 weeks for non credit approved borrowers
  • Repeat issuance at very short notice
Repayment
  • Bullet
Maturity
  • New series can be issued for maturities up to 40 years
  • Existing bonds with the following maturities can also be tapped; Mar 2034, May 2036, Dec 2044, Sep 2047, Apr 2054, May 2057, Jun 2061
Rate Type
  • Fixed rate
  • Floating rate (tbc)
Pricing
  • Transparent pricing
  • Secondary spreads competitive with the private placement market, some own name issuers and other HA aggregators
  • Ability to respond to reverse enquiries from investors
Liquidity Support
  • The loan can be used to support liquidity requirements prior to drawdown with a structured arrangement fee.
Lending Entity
  • No corporate interest cover or gearing covenant clauses
  • No mergers and acquisitions or intra group support clauses
  • Asset Cover Test: 110% EUV-SH or 120% MV-STT
  • 100% Net Annual Income Cover
  • Liquidity Reserve Fund - 12 months interest

Featured Press

More News & Insights

— Press

Blend prices new £260m benchmark deal

The Housing Finance Corporation issues a new £260m 7-year bond through its Blend vehicle with an additional £150m retained for future…

— News

bLEND secures £20m for Acis Group at competitive rate

THFC is pleased to have secured a 20-year, £20m funding deal for Acis Group through bLEND Funding Plc.

— News

The Housing Finance Corporation publishes fourth consecutive Sustainability Reporting Standard report

The Housing Finance Corporation has published its fourth annual Sustainability Reporting Standard (SRS) report for 2023/24, marking another year of impact-focused…

— News

bLEND announces £25 million additional lending to Ongo Homes for future development schemes

bLEND announces £25 million additional lending to Ongo Homes.

— News

THFC publishes third consecutive Sustainability Reporting Standard report for bLEND and launches inaugural group-wide Sustainability Report

THFC has published its third annual SRS report for 2022/23, alongside its inaugural Sustainability Report.

— News

Moody’s updates bLEND outlook from negative to stable following rating action on the sovereign bond rating

Moody's has changed the outlook for bLEND to stable from negative and affirmed the rating at A2.

— News

bLEND unlocks new flexible funding for RPs with £100m loan facility for VIVID

Latest deal paves way for housing associations to access liquidity on flexible terms.   bLEND has created a new form of…

Contact Us

We’re here to help you channel finance into lasting impact. Get in touch to explore how we can support your mission – one home, one partnership at a time.

Contact Details

info@thehousingfinancecorp.com
+44 (0) 20 7337 9920

Location

3rd Floor, 17 St. Swithins Lane,
London, United Kingdom, EC4N 8AL

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