Clifford Chance structures first social housing bond

Author: | Published: 1 Feb 2005

Clifford Chance in December advised mortgage bank HBOS on the UK's first covered bond programme backed by social housing loans.

The £3 billion ($5.61 billion) programme breaks new ground in the social housing finance sector, which has been conservative in its approach in the past. There has never been a default by a UK housing association, and any financial problems that do appear tend to be management problems rather than asset quality. The asset quality is deemed high...