BNY Mellon has been appointed by Moat Housing Association to provide corporate trust services for its 150 million bond issuance.
BNY Mellon will provide principal paying agent, account bank, custodian and common safe-keeper services to Moat, a 20,800 home social housing provider in the South East England.
Jo Murray, managing director, BNY Mellon Corporate Trust, said: The Housing Association sector is undergoing a transformation due to the Housing Revenue Account reforms, which will have a significant impact on how the sector finances itself. Our experience acting as principal paying agent for other registered social landlords means that we are ideally positioned to work with Moat for this bond issue. We are committed to this sector and have expert knowledge about the specialized nature of these issuers.
BNY Mellon is expecting further corporate trust business as UK local authorities find ways of tapping the capital markets to fund social infrastructure projects, following the Government’s recent decision to decentralize infrastructure funding.
(JDC)