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Jersey secures quarter of a billion for 40-year social housing plan

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Jersey secures quarter of a billion for 40-year social housing plan

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Published by Max Salsbury for 24dash.com in Local Government and also in Development, Finance

Jersey secures quater of a billion for 40-year social housing plan Jersey secures quater of a billion for 40-year social housing plan

The government of Jersey has priced a £250 million bond issue to improve social housing over the next 40 years.

The Channel Island says it will use the money received from future rents to pay back the loan.

Jersey finance chief executive Geoff Cook said: "With the inflation outlook subdued, and the continuing prospect of historic low interest rates, demand for quality bond issues is high. That said, getting a bond issue away at near big league sovereign rates is a fantastic achievement for a small jurisdiction, and testament to the underlying strength of public finances, and the strong fiscal and net asset position of Jersey as a jurisdiction.

"Bear in mind Jersey runs balanced budgets, has no annual fiscal deficit, and no short term debt, it looks an increasingly canny move to tap into long term debt markets whilst base rates are at a 315-year low."

Jersey is rated AA+ with stable outlook by Standard & Poor’s.

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