Canadian bank RBC Capital Markets has sold a 30-year bond for Affinity Sutton Group, the UK affordable housing developer, marking the first large transaction from the industry sector since the turmoil in the credit markets first erupted more than a year ago.

The £250m (€313m) fixed-rate, secured bond - reportedly the largest ever own-name bond issue from the sector - was priced yesterday by RBC on an orderbook that it said was oversubscribed. An own-name bond is one sold by the company itself rather than any of its subsidiaries. The bonds have been placed with 17 institutional investors.