Tony Blewitt, Flagship operations director of finance, said: "This bond guarantees our development programme for the next two years.
"It enables us to obtain finance over the longer term at a fixed rate that is not available from the conventional loan market."
RBS previously provided Flagship with an £81.4m securitisation in 1999. This additional issue has taken Flagship's total facility with RBS to £136.3m. To date, the bank has conducted £350m of securitisation with housing association stock.
RBS director of securitisation Paul Townsend said: "The bond market offers a [degree of] maturity and leverage that otherwise might not be realised."
Source
Housing Today
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