LONDON – Saltaire Finance PLC has announced the cancellation of £85 million in principal of its 1.527 per cent guaranteed covered bonds due 2051/2053. The cancellation, which was announced today, reduces the total outstanding principal amount of these bonds to £265 million. After cancellation, no retained bonds remain in the possession of or on behalf of the issuer.
The bonds, identified by ISIN XS2407294748, were part of a £6bn covered bond program guaranteed by the UK Secretary of State for Housing, Communities and Local Government. Cancellation is in accordance with the terms and conditions stated in the program memorandum and price supplement dated June 9, 2021 and November 22, 2021 respectively.
The cancellation reflects a reduction in the amount of bonds originally issued under the program. The retained bonds were initially held for potential future use, but have now been officially removed from the market. This move effectively reduces the potential supply of these specific bonds, as no additional bonds from this tranche will be available for purchase by investors or for re-issuance by the company.
The announcement was made by Helena Whitaker of CSC Directors (No.3) Limited, on behalf of Saltaire Finance PLC, pursuant to the Market Abuse Regulation as part of UK domestic law. This regulation requires the timely disclosure of privileged information that could potentially affect the price of the company’s bonds.
Investors and market participants may view this cancellation as a routine part of bond program management. Such cancellations may occur for a variety of reasons, including changes in financial needs or market conditions. The above information is based on a press release from Saltaire Finance PLC.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
