Arlingclose Insights

Newham & Barclays LOBO Restructuring

Following the widely reported Newham / Barclays LOBO restructuring, (see, Evening Standard and LocalGov) Arlingclose sets out its understanding of the transaction. This restructuring relates to relatively uncommon “range” LOBOs and is...

Thursday 02 March 2017 Read More

Borrowing Update - Post-EU Referendum Vote

Our general strategic advice to clients on borrowing has focused on utilising internal resources, building positive exposure to short-term interest rates and a “low for longer” rate outlook. This outcome now appears more likely, as the UK negotiate...

Friday 24 June 2016 Read More

Death Of A LOBO

Barclays Bank has tackled their problematic local authority Lenders Option Borrowers Option (LOBO) book head on, informing all standard LOBO borrowers they have permanently waived their options to increase the rate on these loans.

Thursday 23 June 2016 Read More

Gilt Yields Hit New Lows, Bank Rate Remains at Lowest Level Since 1694

Gilt yields have sunk to historically low levels once again. The yields on 10 and 20 gilts stand at a mere 1.12% and 1.85% respectively, with PWLB “Certainty Rate” approximately 0.80% higher. Should local authorities capture this opportunity and...

Wednesday 15 June 2016 Read More

Unsecured consumer borrowing - can we afford it?

Unsecured consumer borrowing continues to grow as its fastest rate for eleven years, with total outstanding loans to individuals, excluding student loans, standing tall at £181 billion. This is made up of two components; credit card lending and...

Wednesday 11 May 2016 Read More

LOBO Loans

Summary This paper provides an update to the research note Arlingclose published on Lender’s Option Borrower’s Option (LOBO) loans in May 2015. We set out our view on LOBO portfolio management. Most LOBOs are running at relatively low interest...

Tuesday 19 April 2016 Read More

Forward Thinking

Locking In Rates Long-term interest rates have come crashing back down to historic lows and some of our public sector clients are considering whether to fix in debt. But with long-term loans still around 2.5% above short-term equivalents many are...

Thursday 11 February 2016 Read More

UK Municipal Bonds Agency

Arlingclose believes that local authorities should carefully consider their future funding requirement before approving and signing the Municipal Bond Agencies framework agreement. The framework agreement is relatively complex and covers the terms...

Wednesday 03 February 2016 Read More

EIB loans to local authorities

Arlingclose has published a client research note on EIB funding. A fairly steady reduction in European Investment Bank bond spreads relative to gilts has paved the way for authorities to secure loans well below the Public Works Loan Board certainty...

Tuesday 24 November 2015 Read More

Alternative lending becomes more attractive for housing associations

Housing associations in the UK will increasingly seek out alternative lending solutions over the next few years, according to new research. The report, compiled by Moody’s Investor Service, predicted that capital markets will play a big part in...

Monday 11 August 2014 Read More

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