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We welcome approaches from new investors. Please contact Paul Gray, details below.
bpha Finance PLC: Financial results for the year ended 31 March 2017
The consolidated financial performance of bpha Limited together with its subsidiaries which include bpha Finance PLC (together the “bpha Group”) for the year ended 31 March 2017 is substantially ahead of last year. This is driven by contributions from development and asset sales, a continued strong operating performance and benefits from refinancing undertaken in previous years.
The bpha Group Annual Report and Financial Statements will be published no later than the end of September 2017.
(updated 2 May 2017)
bpha has just published their latest Investors update, which you can download and view below.
bpha launched its debut £200 million bond issue into the debt capital markets on 28 March 2014 with a coupon of 4.816 per cent. £140 million of bonds were issued initially for settlement on 11 April 2014 with the remaining £60m retained by bpha for future sale. The retained bonds were sold between September 2014 and February 2015 at all-in rates of between 3.498% and 4.286%.
A copy of the Prospectus is available for download.
As at 31st March 2016 bpha held a credit rating of AA- (Stable) from Standard & Poor’s (S&P), this being the same as our debut rating published in September 2013, and subsequent rating reviews thereafter. This rating was based upon our stand-alone credit profile (SACP) of A+, which was then uplifted by one notch to reflect the likelihood of receiving extraordinary government support.
Following the results of the UK’s European Union referendum held on 23 June 2016 and the decision to exit the EU, the UK lost its AAA status and S&P removed the one notch uplift previously widely applied to the sector. Accordingly on 4th July 2016, bpha was one of many associations whose rating was lowered, in our case to our SACP which remained unchanged at A+. This credit rating was re-affirmed by S&P in late July 2016 as part of their annual review process, with the highlights of this report being as follows:
very strong enterprise profile from strong economic fundamentals and excellent asset quality
strategy and management are assessed as very strong
a rating that reflects bpha’s very strong internal liquidity
risk management standards that are comprehensive following the reduction in exposure to stand-alone derivatives
A copy of the 2016 report is available for download.
bpha announced that it has secured £80m of new funding which will support the development of over 850 new social housing and shared ownership homes within the Oxford to Cambridge arc. A full press release is available for download.
The latest Homes and Community Agency Regulatory Judgement was released in February 2015 which includes an improvement in bpha‘s Governance Rating to G1 being the highest possible level. It also restated bpha’s highest possible Viability Rating of V1.