With a spread over Gilts of 1.41%, the issue was from so-called ‘retained bonds’ issued from THFC (Funding) No 3: one of the largest bonds in the social housing sector.

The fixed cost of 1.998% represents THFC’s first ever sub-2% rate for a bond issue. As the leading aggregator for housing associations throughout the United Kingdom, THFC has lent over £150m to 11 Scottish housing associations over the last twenty years.

Linda Malone, New Gorbals Housing Association’s chairperson, said: “We are delighted that our relationship with THFC is continuing into another chapter of the regeneration of the Gorbals. This time the funds will be used to support the development of 33 social homes that form a landmark entrance building from Glasgow’s City Centre, and also to boost the internal modernisation programme of our 300 high rise flats at Riverside. We will be making an immediate start to the new build and complete in Spring 2021.”

Piers Williamson, THFC’s CEO, added: “It is a source of great pride that we are able to once again help New Gorbals access fantastically priced finance to fund their development programme. New Gorbals has an exemplary track record of successful urban regeneration, achieving concrete positive outcomes for their tenants and community.

“Today’s rate of 1.998% is testament to THFC’s unique capacity to help its borrowers maximise their social impact through low-cost funding.”