LONDON, November 3, 2011 — BNY Mellon has been appointed by Moat Housing Association ("Moat") to provide corporate trust services for its £150 million bond issuance. Moat issued the bond at 5%, one of the lowest coupons achieved by a Housing Association since the start of the credit crunch.
BNY Mellon will provide principal paying agent, account bank, custodian and common safe-keeper services to Moat, a 20,800 home Registered Social Landlord, providing affordable and social housing in the South East.
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."
Greg Taylor, finance director, Moat, said: "The pricing of the bond represents a vote of confidence in Moat and the housing association sector. Moat selected BNY Mellon for its expertise and dedication to our sector and its specific requirements."
BNY Mellon Corporate Trust services $11.8 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com and through Twitter@bnymellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon International unless otherwise stated as at September 30, 2011. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. Authorised and regulated in the UK by the Financial Services Authority