BondAuction has completed its first trade, a retained-bond sale by UK affordable housing aggregator Housing Finance Corporation.
The corporation announced its partnership with BondAuction in October.
READ MORE: The Housing Finance Corporation picks BondAuction for primary issuance
Blend Funding, a vehicle of the Housing Finance Corporation, has completed a £25 million drawdown for housing company Ongo Homes on the platform.
The £25 million issuance has a 4.885% yield, with a re-offer spread 79.9 basis points above the reference gilt. The drawdown was completed using the retained portion of Blend’s 5.26% June 2032 bond, and was made under Ongo’s existing fee facility with Blend.
Spencer Maclean, BondAuction cofounder, commented, “[This demonstrates] how auction‑based execution can bring greater efficiency and transparency to the primary debt capital markets.
“By enabling investors to place bids in a single, streamlined process, BondAuction helps issuers such as Blend secure robust demand and competitive pricing while giving housing associations like Ongo reliable access to capital to support their long‑term investments.”
Ongo Homes provides housing across Greater Lincolnshire, South Yorkshire and surrounding areas.
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