Monthly Archives - September 2016

Green light for REAL Bonds covenant test

REAL’s first routine quarterly review of Bond activity at the end of August shows that the scheme is operating in accordance with the investment mandate set out in the information memorandum. In particular the security cover for protection of Bondholders is substantially better than target. Total Bonds in issue, including fresh subscriptions received in August, represent less than 18% of the available security (compared with the 75% upper limit allowed under the constitution). The company is preparing to make the first [...]