EMTN Programme
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 5 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 £m | Issued and drawn down by borrowers £m | Retained and sold under FPA with investor £m | Issued and proceeds held on deposit by bLEND £m | Bonds retained by bLEND £m |
|---|---|---|---|---|---|---|
| 2034 | 2.984% | 75 | 75 | – | – | – |
| 2047 | 3.459% | 588 | 533 | – | 55 | – |
| 2054 | 2.922% | 607 | 492 | – | 115 | – |
| 2061 | 2.467% | 75 | 75 | – | – | – |
| 2057 | 3.508% | 125 | 15 | – | 110 | – |
Programme Memoranda
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.
Pricing 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:
| Series | Tranche | Date of Issue | Nominal | Issue Details | ISIN | Pricing Supplement |
|---|---|---|---|---|---|---|
| 1 | 1 | 21 September 2018 | £250,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 2 | 1 | 15 March 2019 | £50,000,000 | 2.984% due 2034/2036 | XS1963482390 | Click to Download |
| 3 | 1 | 5 April 2019 | £20,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 2 | 2 | 6 June 2019 | £25,000,000 | 2.984% due 2034/2036 | XS1963482390 | Click to Download |
| 1 | 2 | 4 October 2019 | £20,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 1 | 3 | 12 March 2020 | £25,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 1 | 4 | 20 May 2020 | £125,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 1 | 5 | 12 August 2020 | £38,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 3 | 2 | 6 October 2020 | £250,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 3 | 3 | 9 December 2020 | £25,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 3 | 4 | 13 January 2021 | £37,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 3 | 5 | 19 February 2021 | £50,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 1 | 6 | 1 April 2021 | £40,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 3 | 6 | 28th April 2021 | £33,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 3 | 7 | 21st May 2021 | £35,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 4 | 1 | 16th June 2021 | £75,000,000 | 2.467% due 2061/2063 | XS2354254240 | Click to Download |
| 1 | 7 | 17th August 2021 | £35,000,000 | 3.459% due 2047/2049 | XS1879603717 | Click to Download |
| 3 | 8 | 17th August 2021 | £50,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 3 | 9 | 29th October 2021 | £55,000,000 | 2.922% due 2054/2056 | XS1976756244 | Click to Download |
| 3 | 10 | 10th March 2022 | £52,000,000 | 2.922% due 2054/2056 | XS1879603717 | Click to Download |
| 1 | 8 | 10th March 2022 | £55,000,000 | 3.459% due 2047/2049 | XS1976756244 | Click to Download |
| 5 | 1 | 4th May 2022 | £125,000,000 | 3.508% due 2057/2059 | XS2475195488 | Click to Download |
| TOTAL: £1,470m |