Greensleeves Homes Trust 4.25% 30/03/26

Please find some complementary research on the 4.25% 30/03/26 bond issued by care-home provider Greensleeves Homes Trust.

Greensleeves Homes Trust (“Greensleeves”) is a charity that provides care for older people in its up-market residential, dementia and nursing homes across England. The charity is looking to raise approximately £30m to provide the ammunition to buy and fit out further homes. The bonds have a minimum investment of just £500 with multiples of £100 thereafter. The Offer Period ends on 17th March but is likely to close early due to demand.

This new retail charity bond is not secured but in practice the bond holder has the backing of a substantial property portfolio. We believe the bond represents good value and may well trade at a modest premium in the secondary market.