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Month: March 2024

UK Affordable Housing Market Update | March 2024

Posted on by Georgie Knight

Market update

  • February CPI of 3.4% was lower than the expected 3.5% and interest rate projections fell.
  • Service costs and wage inflation were both 6.1% and remain sticky, stubbornly holding up CPI for now. 
  • Goods inflation is down to 1.1% and with the energy price cap set to fall over 12% in April, expectations are for CPI to fall below 2% in the second quarter.
  • The swap curve is down 20 to 25 bps from a month ago, with most of the fall occurring after the CPI release and dovish tone from the Bank of England’s 8 ‘hold’ – 1 ‘cut’ vote, with two key members no longer voting for a rate rise.
  • House prices continue to fall in real terms, but with rental growth of 9% YoY in February (the largest increase since records began in 2015), falling interest rate projections and a resilient jobs market, a sense of relative strength appears to be returning in the housing market. 


Implications for clients

  • The SONIA curve remains flat, now at 3.7% from 6 years through to 30, meaning clients can hedge over a tenor that suits their loan portfolio. 
  • Interest rate projections and swap rates are falling but are attractive at current levels. Waiting for further falls back to the December 2023 lows, or to new lows, is a gamble. Steady hedging over time and maintaining the right hedging ratio to mitigate interest risk is the objective of a hedging strategy, and we think now presents a good opportunity to lock in relatively attractive rates. 
  • High investor demand and very low spreads creates opportunity for long term covenant light funding from the DCM market and activity continues to pick up in this space.


Recent client activity

  1. Banking transactions and funding mix: As we approach year-end, numerous banking transactions are nearing completion, featuring a blend of Revolving Credit Facilities (RCF) and medium-term funding. The banking market continues to be supportive of the sector and clients are taking advantage of attractive deals from a select few banks offering 10-year funding and above. 
  2. Strategic asset management: We’re actively engaged in and advising on strategic asset disposals and acquisition strategies, highlighting the sophisticated approaches housing associations (HAs) are adopting to unlock capacity and drive growth.
  3. Focus on hedging strategy and covenant changes: Hedging strategy, covenant changes, and the strategic impact of combining business plans remain areas of focus for clients as they navigate evolving market conditions and optimise their financial positions.
  4. Active bond market: Several new bond issues and retained bond sales are currently active or recently completed, with HAs seeking to spread maturities through medium and long-term notes with tight pricing achieved.

To learn more about our work in the affordable housing sector, click here.

For more information, please contact Paul Stevens or John Tattersall.

Centrus Leaders: Advice for Women in Finance

Posted on by Georgie Knight

Centrus Leaders: Advice for Women in Finance

To celebrate International Women’s Day 2024, we asked Maria Goroh, Managing Director, Laura Thomas, Director and Myrto Charamis, Director at Centrus to share their experiences and advice for young women in the finance industry. 



As leaders at Centrus, what advice would you give to young women aspiring to build successful careers in finance, and how can they navigate potential obstacles or biases they may encounter along the way?

Maria Goroh emphasises the importance of preparation and flexibility. She states, “Prepare to work hard and be flexible; usually, the bias towards women is positive if you are delivering results” … “don’t forget to have fun along the way!” Laura Thomas echoes this sentiment, adding, “Build and demonstrate more confidence in yourself and reflect that in your communication style. If you see obstacles, identify them, come up with a plan to overcome them, and talk to someone in the organisation to help you.”

Myrto Charamis advises women to embrace challenges and actively network. She says “View challenges as opportunities to learn and grow. Build a robust professional network, make your voice heard, and always maintain your professional integrity.”


Could you discuss the importance of mentorship in your career journey, and offer advice on how women can seek out and cultivate mentor relationships within the industry?

Maria encourages women to seek mentors both within and outside their organisations. She notes, “Don’t be afraid to seek mentors; usually, people (both women and men) are very happy to help women in finance. LinkedIn and industry conferences are a fantastic tool for this. ”

Laura shares Maria’s positive experience with mentorships stating, “The best mentors I’ve had over the years have been informal. Through those early mentoring relationships, I learned huge lessons about authenticity at work and the value of asking questions.”


The finance sector is known for its fast-paced and competitive nature. How do you maintain a healthy work-life balance, and do you have any tips for other women striving to achieve this equilibrium while pursuing ambitious career goals?

Maria highlights the importance of planning and organisation, noting, “Planning ahead is crucial for me. Mobile devices and post-COVID hybrid work models have made it a lot more manageable to keep on top of things.” 

Laura emphasises the significance of structure and self-awareness, stating, “Maintaining a structured schedule is key. As I’ve grown older, I’ve learned to recognise my peak productivity times and allocate time accordingly. For other women aiming for equilibrium in work and family life, building a true partnership at home is vital – I couldn’t have my career and be the mother, wife, daughter, sister, friend and colleague I want to be without that. Strive to work with others who are also aiming for equilibrium, then we can all achieve true balance and understanding while having the career we love.” 

Myrto also advocates for “setting boundaries, practicing self-compassion and prioritising personal well-being” as essential strategies for maintaining equilibrium in the face of a demanding career.

Maria Goroh, Managing Director – Centrus

Maria Goroh brings 15 years of capital markets experience to her role as Managing Director at Centrus. Her background includes roles at firms such as Nomura, Citigroup, and TradeRisks. She has worked with leading UK, European and US insurers, pension funds and asset managers on transactions backed by housing, student accommodation, social infrastructure and local authorities.

Laura Thomas, Director – Centrus

Laura has over twenty years of experience in the Energy, Infrastructure, and Renewables sectors, spanning Wind, Solar, EfW, Biomass, and CCGT projects. Prior to joining Centrus, she served as Investment Director and CFO at Miller Turner, a renewables infrastructure investment company. Before that, she spent fourteen years at ESB, where she led the acquisition, funding, and finance operations of over 2.0GWs of energy projects across Ireland and the UK. 

Myrto Charamis, Director – Centrus

Myrto has a wealth of experience in London listed investment companies investing in infrastructure assets including renewables, battery storage and energy efficiency. With over 25 years of experience, her career has encompassed roles in leading investment banks in the UK and pivotal corporate finance positions in the US and Europe.



At Centrus, we are committed to fostering a culture of diversity, inclusion, and excellence in the finance industry. If you’d like to find out more about working at Centrus, please contact recruitment@centrusadvisors.com