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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