London Stock Exchange welcomes The Paragon Group of Companies to ORB
London Stock Exchange welcomes The Paragon Group of Companies, the specialist buy-to-let and consumer finance group, to its Order Book for Retail Bonds, with the launch of its 6% 2020 debut retail bond, which raised £60 million.
Paragon, a leading independent UK specialist buy-to-let lender, is engaged in the provision of consumer loans and the buying and servicing of loan portfolios. A FTSE250 company with £9.6 billion of loan assets under management, Paragon has operated in the UK markets for over 25 years and has serviced more than one million loan accounts. The credit performance of its £8.2 billion buy-to-let mortgage portfolio is exemplary, with arrears over three months of 0.44% as at 31 December 2012, compared with the latest Council of Mortgage Lenders' data at 1.51%.
Nigel Terrington, Chief Executive of Paragon, said:
"We are very pleased at the success of our first retail bond. We believe that strong demand for the bond from investors demonstrates the long term strengths of our business. We are delighted to have successfully accessed a new source of finance and diversified our debt financing profile.”
Gillian Walmsley, Head of Fixed Income at London Stock Exchange, said:
“We are delighted to welcome Paragon to London Stock Exchange following the successful issue of their first retail bond. Paragon joins a growing number of companies who have issued bonds onto ORB, responding to strong private investor demand for greater access to fixed income products”
Henrietta Podd, Head of Debt Advice and Origination at Canaccord Genuity Limited, said:
“We were very pleased to work with Paragon in bringing this issue to the ORB and enabling the business to diversify its sources of funding. Demand for the bond was very strong, reflecting the strong balance sheet that the company has and its stable business model, which make for a good fit for the market.”