The organisation had strong demand from investors for its retail bond issue

One of the UK’s largest housing associations has become the first to raise cash from ordinary savers.

Places for People will make £140m from its retail bond issue, which is aimed at small investors.

The organisation will raise £90m more than it originally intended because there was strong demand from investors for the bond.

Places for People has issued bonds on the corporate market for a decade, but this is the first time any housing association has used a retail bond designed for small investors.

The bonds have a maturity of six months to five years, unlike the corporate bonds usually used by housing associations, which have longer maturities. Places for People expects the bond to be rated Aa3 by Moody’s Investors Service.