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HARDMAN & CO RESEARCH Hardman & Co Research: MORhomes (Initiation of coverage) 3.4% NOTES 2038/40: Low-risk issuer in a low-risk market

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11/09/2020 08:15

Hardman & Co Research
Hardman & Co Research: MORhomes (Initiation of coverage) 3.4% NOTES 2038/40: Low-risk issuer in a low-risk market

11-Sep-2020 / 07:15 GMT/BST


Hardman & Co Research (Initiation of coverage): Low-risk issuer in a low-risk market

MORhomes (MH) is a pooled borrowing vehicle for housing associations (HAs). It offers its HA borrowers a flexible experience, rapid access to funds and potentially lower-cost funding. To its Social Bond investors, MH offers access to the socially responsible, low-risk HA market. MH's processes, capital structure, borrower selection and alignment of interests all reduce risk further. MH's launch involved many of a competitor's customers, and it has a unique position in the HA middle market. As it grows and matures, we believe it will be increasingly attractive to more borrowers. Its bond spreads have fallen by 29bps (15%) since launch.

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https://www.hardmanandco.com/research/corporate-research/low-risk-issuer-in-a-low-risk-market/

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mt@hardmanandco.com

 

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.

 



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End of Announcement - EQS News Service

1130169  11-Sep-2020 

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