Shares in Quintain Estates and Development rose more than 20% yesterday after the social housing developer reassured investors that it remains within banking covenants.

Concerns have been growing that the plunging values of property assets could leave Quintain’s covenants vulnerable. However, the group insisted it was 'compliant' and that net debt has been reduced by £17m to £539m in the three months to 31 December.

It also said it had fixed repayment costs on £100m of debt at 3%, bringing its average cost of debt down from 6.3% to 5.3%.

Daily Telegraph