Open for new investment
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.
Blend Funding Plc in Numbers
£1.5Bn
Capital Outstanding
31
Housing Association Borrowers
A2
Moody's Rating
About Blend
Our financing supports the purchase, development, improvement and repair of affordable housing, as well as the refinancing of existing loans.
Core Principles
- Funds are raised solely for on-lending to housing associations in the UK
- Funds are on-lent on a substantially identical maturity, interest and repayment profile thus ensuring that no material mismatch risk is taken on interest rate movements
- No currency risk in relation to its funds is taken by Blend or passed on to its borrowers
- Loans are fully secured and covenanted in accordance with the terms of Blend’s governing Trust Deed
Blend has a clear vision; to provide competitive bond finance to the affordable housing sector, by obtaining funding from issuance under a Euro Medium Term Note (EMTN) Programme
EMTN Programme Features
- Sterling only
- Range of maturities
- Primarily fixed rate issuance but floating rate issuance will also be possible
- Issue proceeds may only be on-lent to Registered Providers of Social Housing in the UK
- Programme size up to £3bn
- Blend’s inception is a direct response to strong housing association demand for long-term bond finance. Blend stands out as a provider of competitive debt aggregation as a prominent alternative to own-name bonds and private placements which generally price wider and demand larger amounts of debt
Ownership Structure
The company is a wholly owned subsidiary of The Housing Finance Corporation (the UKs leading affordable housing aggregator), but remains legally separate and does not receive support from the wider Group. As such The Housing Finance Corporation provides Blend’s staff under the terms of a Management Services Agreement with The Housing Finance Corporation’s service company, T.H.F.C. (Services) Limited.
Further Information
- Financial Statements
- Moody's Credit Opinion
- EMTN Programme
- Portfolio Data
- Sustainable Finance
Please find the latest financial documentation available to download.
Downloads
Blend Funding, established in 2018 by The Housing Finance Corporation Limited, is a housing aggregator whose purpose is to provide bond market access to suitable housing associations which typically do not have the capacity or requirement to issue benchmark-size bonds.
Blend exhibits a supportive institutional framework, liquidity reserves as a structural enhancement, and significant sector experience to mitigate start-up risk.
Moody’s has affirmed the rating and outlook for Blend Funding Plc (Blend), a fully-owned subsidiary of The Housing Finance Corporation, as A2 stable on 1 August 2025.
Downloads
Moody's Credit Opinion August 2025EMTN Programme Memorandum
Blend Bonds in Issue
Blend Funding PLC raises debt exclusively through its EMTN programme to on-lend to registered housing associations throughout the United Kingdom. Blend has to date issued 7 series of notes with maturities ranging from 2034 to 2061.
Blend also has the option to retain bonds from issuances to sell into the market at a later date. These will always be allocated to a specific borrower that has a signed loan agreement and intends to borrow these funds at a future date.
Blend can also facilitate deferred drawdowns for borrowers with signed loan agreements by signing a forward purchase agreement with one or more investors to sell retained bonds with a forward settlement date. This will always be to fund a drawdown to a specific borrower who, under the terms of their loan agreement, has made an irrevocable commitment to draw down the funds on the forward settlement date.
In the event that Blend is unable to find an investor that can offer deferred draw down, Blend is able to issue retained bonds on a spot settlement basis, investing the proceeds with a suitable deposit counterparty and on-lending them to the borrower in up to 12 months time, or investing the proceeds in UK Government securities and on-lending them to the borrower in up to 24 months time. This will always be to fund a drawdown to a specific borrower who, under the terms of their loan agreement, has made an irrevocable commitment to draw down the funds on a specific forward date on terms agreed at the outset.
| Maturity | Coupon | Total Issued (£mn) | Issued and Drawn Down by Borrowers (£mn) | Retained and Sold Under FPA with Investor £m | Issued and Proceeds Held on Deposit by Blend (£m) | Bonds Retained by Blend (£M) |
|---|---|---|---|---|---|---|
| 2032 | 5.260% | 410 | 260 | - | - | 150 |
| 2034 | 2.984% | 75 | 75 | - | - | - |
| 2036 | 5.734% | 30 | 30 | - | - | - |
| 2044 | 5.748% | 20 | 20 | - | - | - |
| 2047 | 3.459% | 588 | 588 | - | - | - |
| 2054 | 2.922% | 607 | 607 | - | - | - |
| 2057 | 3.508% | 125 | 125 | - | - | - |
| 2061 | 2.467% | 75 | 75 | - | - | - |
A Programme Memorandum or Offering Circular, is a comprehensive guide to a new security listing. Blend has provided this page and its downloadable content for those interested in the issuer of the security, the objective or purpose of the stock issue, the terms of the issue, and any additional information that could be helpful to a potential or existing investor. Blend Funding Plc has established a £3bn EMTN programme.
Downloads
Programme MemorandumPricing Supplements
A Pricing Supplement details any specific terms and conditions of a security issued under a bond programme.
Blend has provided this page and its downloadable content for those interested in the maturity dates, principal amount, coupon or formula, frequency of interest payments, interest payment dates, and underwriters involved within a transaction. Notes issued under the programme are as follows:
Downloads
Pricing Supplements
- XS309035852_11June2025
- XS2957629269_11December2024
- XS2819329694_13May2024
- XS2475195488_4May2022
- XS1976756244_10March2022
- XS1879603717_10March2022
- XS1976756244_29October2021
- XS1976756244_17August2021
- XS1879603717_17Auguts2021
- XS2354254240_16June2021
- XS1976756244_21May2021
- XS1976756244_28April2021
- XS1879603717_1April2021
- XS1976756244_19February2021
- XS1976756244_13January2021
- XS1976756244_09December2020
- XS1976756244_06October2020
- XS1879603717_12August2020
- XS1879603717_20May2020
- XS1879603717_12March2020
- XS1879603717_04October2019
- XS1963483390_06June2019
- XS1879603717_21September2018
| Series | Tranche | Date of Issue | Nominal | Issue Details | ISIN |
|---|---|---|---|---|---|
| 1 | 1 | 21 September 2018 | £250,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 2 | 1 | 15 March 2019 | £50,000,000 | 2.984% due 2034/2036 | XS1879603717 |
| 3 | 1 | 5 April 2019 | £20,000,000 | 2.922% due 2054/2056 | XS1879603717 |
| 2 | 2 | 6 June 2016 | £25,000,000 | 2.984% due 2034/2036 | XS1963483390 |
| 1 | 2 | 4 October 2019 | £20,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 1 | 3 | 12 March 2020 | £25,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 1 | 2 | 20 May 2020 | £125,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 1 | 5 | 12 August 2020 | £38,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 3 | 2 | 6 October 2020 | £250,000,000 | £250,000,000 | XS1976756244 |
| 3 | 3 | 9 December 2020 | £25,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 3 | 4 | 13 January 2021 | £37,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 3 | 5 | 19 February 2021 | £50,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 1 | 6 | 1 April 2021 | £40,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 3 | 6 | 28 April 2021 | £33,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 3 | 7 | 21 May 2021 | £35,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 4 | 1 | 16 June 2021 | £75,000,000 | 2.467% due 2061/2063 | XS2354254240 |
| 1 | 7 | 17 August 2021 | £35,000,000 | 3.459% due 2047/2049 | XS1879603717 |
| 3 | 8 | 17 August 2021 | £50,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 3 | 9 | 29 October 2021 | £55,000,000 | 2.922% due 2054/2056 | XS1976756244 |
| 3 | 10 | 10 March 2022 | £52,000,000 | 2.922% due 2054/2056 | XS1879603717 |
| 1 | 8 | 10 March 2022 | £55,000,000 | 3.459% due 2047/2049 | XS1976756244 |
| 5 | 1 | 4 May 2022 | £125,000,000 | 3.508% due 2057/2059 | XS2475195488 |
| 6 | 1 | 13 May 2024 | £30,000,000 | 5.734% due 2036/2038 | XS2819329694 |
| 7 | 1 | 11 December 2024 | £20,000,000 | 5.748% due 2044/2046 | XS2957629269 |
| 8 | 1 | 11 June 2025 | £410,000,000 | 5.26% due 2032/2034 | XS309035852 |
Blend will undertake measured growth by issuing multiple market size deals over time and may vary maturities to better suit both investors and borrowers. In the end, we are dedicated to ensuring much-needed affordable housing finance is delivered to suitable housing associations, while providing clear, transparent investment opportunities to prospective investors.
Blend’s transaction portfolio, which details the nature of all issuances to date and the housing associations on-lent to, can be viewed in the table below:
| Housing Association | Nominal Blend Loan (£m) | # of Units Owned | Housing Properties (£) | Net Debt (£) | Operating Surplus (£k) | Net Interest Payable (£k) | Social Housing Lettings Turnover (£k) | Total Turnover (£k) | Regulatory Status | Year End |
|---|---|---|---|---|---|---|---|---|---|---|
| Abri Group Limited (The Swaythling Housing Society Limited)* | 50 | 46,697 | 3,932,956 | 1,758,951 | 468,716 | -54,621 | 310,349 | 376,545 | G1/V1 | March 2025 |
| Acis Group Limited | 20 | 8,455 | 347,688 | 226,726 | 15,426 | -9,799 | 36,671 | 49,011 | G1/V2 | March 2025 |
| Aster Communities | 100 | 37,608 | 2,540,621 | 1,322,470 | 47,301 | -35,153 | 252,535 | 329,852 | G1/V1 | March 2025 |
| Ateb Group | 18 | 3,289 | 288,580 | 79,924 | 2,566 | -2,028 | 23,527 | 23,527 | Green Compliant | March 2025 |
| B3 Living Limited | 35 | 5,595 | 372,817 | 224,406 | 18,708 | -7,880 | 39,461 | 43,676 | G1/V1/C1 | March 2025 |
| Cardiff Community Housing Association | 37 | 3,109 | 229,130 | 60,012 | 4,565 | -1,692 | 23,771 | 24,377 | Green Compliant | March 2025 |
| Choice Housing Ireland Limited | 50 | 11,902 | 1,044,840 | 334,672 | 22,788 | -9,847 | 84,555 | 90,131 | Meets Requirements | March 2025 |
| Cobalt Housing | 25 | 5,809 | 172,628 | -1,883 | 5,623 | 2,942 | 34,111 | 34,638 | G1/V2/C2 | March 2025 |
| Connect Housing Association | 30 | 3,013 | 144,025 | 49,305 | 3,711 | -1,995 | 20,685 | 23,069 | G1/V1 | March2025 |
| ForHousing Limited | 60 | 19,483 | 445,710 | 218,732 | 15,336 | -10,028 | 101,815 | 145,232 | G2/V2 | March 2025 |
| GreenSquareAccord Limited | 75 | 26,032 | 2,051,127 | 1,053,247 | 37,971 | -50,390 | 136,449 | 221,900 | G1/V2 | March 2025 |
| Hightown Housing Association | 50 | 9,187 | 1,216,580 | 790,296 | 40,915 | -36,856 | 102,156 | 127,594 | G1/V2 | Mar-25 |
| Leeds Federated Housing Association | 40 | 4,472 | 268,399 | 91,222 | 7,099 | -4,581 | 27,184 | 34,547 | G1/V2 | March 2025 |
| Metropolitan Housing Trust Limited | 250 | 56,694 | 5,241,848 | 2,120,573 | 135,506 | -90,706 | 376,656 | 456,546 | 456,546 | March 2025 |
| Mossacre St Vincent's Housing Group Limited | 40 | 8,813 | 445,090 | 185,364 | 10,168 | -6,248 | 55,038 | 62,271 | G1/V2/C1 | March 2025 |
| Ongo Homes Limited | 75 | 11,450 | 353,100 | 119,775 | 12,748 | -5,642 | 65,913 | 73,884 | G1/V1 | March 2025 |
| Orwell Housing Association Limited | 18 | 4,030 | 272,019 | 116,073 | 6,065 | -4,548 | 25,071 | 47,333 | G1/V2 | December 2024 |
| Platform Housing Group | 180 | 50,094 | 3,461,915 | 1,528,476 | 105,436 | -51,977 | 299,749 | 374,464 | G1/V1 | March 2025 |
| Regenda Limited | 50 | 13,099 | 518,400 | 205,886 | 18,443 | -9,072 | 70,752 | 109,696 | G2/V2 | March 2025 |
| Rooftop Housing Group Limited | 25 | 6,654 | 423,398 | 232,984 | 13,058 | -9,703 | 46,735 | 51,349 | G1/V2/C2 | March 2025 |
| Taff Housing Association | 25 | 1,554 | 128,702 | 43,503 | 2,343 | -1,436 | 14,668 | 16,048 | Green | March 2025 |
| Tai Hedyn Limited | 25 | 9,903 | 243,645 | 77,379 | 12,610 | -94 | 69,066 | 72,488 | Standard | March 2025 |
| Teign Housing | 33 | 3,949 | 180,815 | 65,451 | 2,331 | -2,760 | 22,987 | 25,838 | G1/V2/C2 | March 2025 |
| The Community Housing Group | 35 | 6,096 | 272,928 | 177,967 | 6,948 | -5,975 | 36,505 | 44,980 | V2/G1/C2 | March 2025 |
| Torus62 Limited | 100 | 40,268 | 1,591,635 | 521,865 | 688,886 | -6,292 | 231,699 | 277,076 | G1/V1/C1 | March 2025 |
| Trent & Dove Housing | 55 | 6,719 | 273,504 | 146,940 | 8,696 | -5,463 | 39,639 | 42,383 | G1/V2 | March 2025 |
| Trust Housing Association | 22 | 3,948 | 175,986 | 45,673 | 3,909 | -2,653 | 36,575 | 44,331 | Compliant | March 2025 |
| Valleys to Coast Housing Limited | 35 | 6,154 | 187,647 | 68,181 | 2,838 | -2,126 | 39,957 | 41,334 | Green Compliant | March 2025 |
| Vico Homes Limited | 100 | 32,299 | 965,550 | 431,059 | 50,707 | -14,147 | 188,598 | 208,756 | G1/V1 | March 2025 |
| Wales and West Housing Association | 110 | 11,528 | 837,195 | 221,668 | 19,386 | -3,962 | 82,235 | 84,491 | Standard | December 2024 |
| Walsall Housing Group | 75 | 22,215 | 776,997 | 367,325 | 38,816 | -14,420 | 132,646 | 146,081 | C1/G1/V1 | March 2025 |
| West Kent Housing Association | 50 | 8,735 | 797,182 | 339,768 | -8,149 | -15,009 | 67,423 | 76,800 | G1/V2 | March 2025 |
| Worthing Homes Limited | 40 | 3,921 | 274,772 | 163,841 | 8,552 | -6,658 | 29,334 | 31,601 | G1/V2 | March 2025 |
*Lending to Abri Group Limited is into its both Abri Group itself and its subsidiary The Swaythling Housing Society Limited. Metrics are shown on a group basis in line with credit analysis done by Moody’s.
Borrower Compliance with the Asset Cover Test and Income Cover Test:
The following table summarises the Asset Cover Ratio and the Income Cover Ratio (each as defined below) derived from the security portfolio for each Borrower.
| Housing Association | Loan Facility Nominal Amount (£k) | Aggregate Outstanding Amount of Drawn Loan (£k) | Interest payable (£) | Fixed Charge Security - Value - EUV-SH (£k) | Fixed Charge Security - Value - MV-ST (£k) | Cash Security (£k) | Asset Cover Ratio (Max 1x) | Net Annual Income (£k) | Income Ratio (Min 1x) |
|---|---|---|---|---|---|---|---|---|---|
| Abri Group Limited | 25,000 | 25,000 | 865 | 46,134 | 9,230 | - | 1.99 | 2,661 | 3.08 |
| Abri Group Limited (The Swaythling Housing Society Limited) | 30,000 | 30,000 | 1,720 | 19,700 | 30,510 | - | 1.44 | 2,263 | 1.32 |
| Acis Group Limited | 20,000 | 20,000 | 1,150 | 8,510 | 27,950 | - | 1.55 | 2,196 | 1.91 |
| Aster Communities | 100,000 | - | - | - | - | - | - | - | - |
| Ateb Group | 18,000 | 18,000 | 623 | 6,494 | 15,089 | - | 1.03 | 1,243 | 2.00 |
| B3 Living Limited | 35,000 | 35,000 | 1,023 | 36,423 | 4,533 | - | 1.05 | 2,079 | 2.03 |
| Cardiff Community Housing Association | 37,000 | 37,000 | 1,081 | 418 | 54,804 | - | 1.24 | 2,189 | 2.02 |
| Choice Housing Ireland | 50,000 | 50,000 | 1,461 | 5,525 | 63,292 | - | 1.16 | 3,610 | 2.47 |
| Cobalt Housing | 25,000 | 25,000 | 731 | 3,688 | 39,004 | - | 1.43 | 3,445 | 4.72 |
| Connect Housing Association | 30,000 | 30,000 | 877 | 14,497 | 25,022 | 3,910 | 1.26 | 1,853 | 2.43 |
| ForHousing Limited | 60,000 | 60,000 | 1,052 | 68,626 | - | - | 1.04 | 5,444 | 2.59 |
| GreenSquareAccord Limited | 75,000 | 75,000 | 1,850 | 12,500 | 107,580 | - | 1.35 | 4,296 | 2.32 |
| Hightown Housing Association | 50,000 | 50,000 | 1,492 | 19,044 | 48,416 | - | 1.15 | 2,988 | 2.00 |
| Leeds Federated Housing Association | 30,000 | 30,000 | 1,218 | 440 | 46,588 | - | 1.31 | 1,752 | 1.44 |
| Metropolitan Housing Trust Limited | 250,000 | 250,000 | 13,150 | 120,922 | 240,824 | - | 1.24 | 13,433 | 1.02 |
| Mosscare St Vincent's Housing Group Limited | 40,000 | 40,000 | 1,384 | 6,459 | 69,851 | - | 1.60 | 3,474 | 2.51 |
| Tai Hedyn Limited | 25,000 | 25,000 | 731 | 37,648 | - | - | 1.37 | 2,531 | 3.47 |
| Ongo Homes Limited | 75,000 | 50,000 | 1,461 | 81,828 | 9,960 | - | 1.65 | 6,665 | 4.56 |
| Orwell Housing Association Limited | 20,000 | 20,000 | 584 | 9,639 | 19,039 | - | 1.23 | 1,323 | 2.26 |
| Platform Housing | 180,000 | 180,000 | 6,226 | 93,770 | 152,137 | - | 1.18 | 10,451 | 1.68 |
| Regenda Limited | 50,000 | 50,000 | 1,611 | 1,930 | 67,857 | - | 1.17 | 2,942 | 1.83 |
| Rooftop Housing Group Limited | 50,000 | 50,000 | 1,461 | 7,797 | 66,543 | - | 1.25 | 3,138 | 2.15 |
| Taff Housing | 25,000 | 25,000 | 526 | - | 33,214 | 3,122 | 1.23 | 1,334 | 1.74 |
| Teign Housing | 33,000 | 33,000 | 964 | - | 89,615 | - | 2.26 | 2,897 | 3.00 |
| The Community Housing Group | 35,000 | 35,000 | 1,211 | 780 | 60,420 | - | 1.46 | 2,286 | 1.89 |
| Torus62 Limited | 100,000 | 100,000 | 2,922 | 149,958 | - | - | 1.36 | 10,735 | 3.67 |
| Trent & Dove Housing Limited | 55,000 | 55,000 | 951 | 22,252 | 46,097 | - | 1.07 | 2,962 | 1.56 |
| Trust Housing Association Limited | 22,000 | 22,000 | 643 | 16,390 | 15,240 | - | 1.25 | 2,226 | 3.46 |
| Valleys to Coast Housing Limited | 35,000 | 35,000 | 1,023 | 5,760 | 53,900 | - | 1.44 | 3,943 | 3.86 |
| Vico Homes Limited (previously Wakefield and District) | 100,000 | 100,000 | 3,459 | 4,697 | 211,381 | - | 1.80 | 11,765 | 3.40 |
| Wales & West Housing Association | 110,000 | 110,000 | 3,698 | 5,483 | 145,576 | - | 1.15 | 7,086 | 1.92 |
| Walsall Housing Group | 75,000 | 75,000 | 2,192 | 95,719 | - | - | 1.16 | 8,578 | 3.91 |
| West Kent Housing Association* | 50,000 | - | - | - | - | - | - | - | - |
| Worthing Homes Limited | 40,000 | 40,000 | 1,403 | 22,733 | 26,699 | - | 1.07 | 2,087 | 1.49 |
*West Kent Housing Association’s £50m loan and Ongo’s additional £25m are undrawn.
Notes:
(1) Asset Cover Ratio means the sum of:
(a) the Minimum Value of the Charged Properties; and
(b) the Cash Security, divided by the nominal amount of the Loan.
(2) Income Cover Ratio means the Net Annual Income of the Charged Properties divided by the annual interest payable on the Loan or, if there is a balance in the Cash Security Account, the amount of interest which would have been payable if the principal amount of the Loan was reduced by the amount of the Cash Security.
Minimum Value of EUV-SH Charged Properties – 110%
Minimum Value of MV-ST Charged Properties – 120%
For new Borrowers, or Borrowers taking additional funding, the funding is initially secured by the cash proceeds of the advance pending the charging of property security. Such cash is shown in the column entitled “Cash security £k”. Borrowers have up to 12 months to complete the charging of property security.
Blend lends exclusively to housing associations in the UK, and as such social impact is central to Blend’s purpose. By providing low-cost, long-term capital markets funding, Blend supports the financial health of the sector and contributes to the building of quality affordable homes.
Housing associations go above and beyond the core provision of affordable housing, however, with many providing advice and support to tenants and communities in relation to employment and training, homelessness, social security, and financial inclusion. The sector now leads the way on the decarbonisation of the UK’s housing stock needed to reach the 2050 net zero carbon target.
The social housing sector is characterised by a high level of regulatory oversight through the respective Regulators in England, Scotland, and Wales, which oversee compliance with high standards of governance. As part of this regulatory framework all housing associations measure and assess the Value for Money of their business operations to ensure every penny spent has a positive social and environmental impact.
The Housing Finance Corporation launched its Sustainable Bond Framework in 2021 to allow for the issuing of Social and Sustainability bonds. This framework supercedes the company’s previously published Social Bond Framework. Vigeo Eiris provided the Second Party Opinion for both frameworks, rating The Housing Finance Corporation’s contribution to sustainability with its highest ‘Advanced’ category. The reporting obligations set out in the Sustainable Bond Framework are aligned with the social housing sector’s Sustainability Reporting Standard (SRS), of which The Housing Finance Corporation is an adopter.
The reporting obligations set out in the framework are aligned with the social housing sector’s Sustainability Reporting Standard, of which The Housing Finance Corporation is an early adopter.
Blend has published its fourth consecutive Sustainability Reporting Standard Report in November 2024. Blend remains the only funder to publish its own Sustainability Reporting Standard portfolio report. Our annual SRS reports can be found here: http://www.thehousingfinancecorp.com/sustainability
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Contact Details
Location
3rd Floor, 17 St. Swithins Lane,
London, United Kingdom, EC4N 8AL