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Freshfields advises the Managers on first local authority £350m bond issuance under UKMBA platform
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised the Managers on the £350m guaranteed floating rate notes due 2025 issued by UK Municipal Bonds Agency Finance Company DAC, guaranteed by Lancashire County Council.
This is the first bond issuance facilitated by the UK Municipal Bond Agency and may mark a significant moment for local authorities hoping to raise finance from the wider capital markets.
The Agency was founded in 2014 to provide alternative funding for UK local authorities, offering market-based borrowing rates and a framework agreement to which 25 councils have already indicated they will sign up.
Freshfields partner Peter Allen commented, “In addition to being the first issuance under UKMBA’s framework agreement with local authorities, this is also one of the first SONIA bonds in the market to adopt observational shift methodology. It was a pleasure to support the teams at HSBC and the other Managers, along with PFM, UKMBA and Lancashire County Council in helping execute this deal.”
The Freshfields team was led by partner Peter Allen and associate Laura Clark-Jones.
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