Building societies represent more than £36bn of publicly listed securities and private placements, issued across a broad spectrum of capital instruments - from covered bonds and senior unsecured debt to Tier 2, Core Capital Deferred Shares (CCDS) and legacy PIBS.

Despite this scale and sophistication, the sector is often under-researched and, at times, misunderstood by investors.

As a highly regulated and systemically important part of the UK financial infrastructure, building societies play a critical role in the residential mortgage and retail savings markets. Their mutual ownership model, conservative risk profile and strong regulatory oversight create a distinctive credit story - particularly in the context of subordinated and junior capital.

Against a backdrop of improving market pricing and renewed investor appetite for subordinated financial debt, this webinar will examine:

• The current state of the junior capital market for UK building societies
• Structures available, including CCDS, Tier 2 and other subordinated formats
• Investor demand and sentiment across public and private markets
• Key structural and regulatory factors influencing issuance strategy
• Ecology Building Society’s experience raising CCDS

Drawing on Allia C&C’s experience advising on CCDS, Tier 2 and legacy PIBS transactions, we will provide practical insights into how societies can position themselves effectively in today’s market environment.

Allia C&C
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