Insights

Categories

Allocations are Forever

Thursday 26 November 2020

The strategic asset allocation decision is a key one in the investment process

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Statutory Overrides

Tuesday 24 November 2020

Local government benefits from several statutory overrides

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Market Update Webcast

Friday 20 November 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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High mortgage rates in a low interest rate environment

Monday 16 November 2020

Why are we seeing a continual rise in mortgage rates despite the Bank of England’s efforts to keep underlying rates low?

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The vaccine has landed: All is well

Thursday 12 November 2020

The possibility of a vaccine is a real cause for optimism, but how much has it changed the outlook for the economy?

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Layering your Investments

Tuesday 10 November 2020

Investment portfolios are like onions. How? They both have layers!

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From 'V' to 'W'

Friday 06 November 2020

What is the projected path for UK economic recovery?

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US Election Result Special Webcast

Thursday 05 November 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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US Election Day

Tuesday 03 November 2020

With 538 electoral college votes for grabs from 50 states (plus The District of Columbia), the electoral system might be slightly confusing, but what is at stake isn’t; like it or not the winner will set the agenda of the entire world for the next four years.

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Low Risk But Not Risk Free

Friday 30 October 2020

Money Market Funds are a very low risk investment option due to their liquidity and diversification but with market volatility rising and yields falling investors should not become complacent.

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What is SONIA?

Monday 26 October 2020

LIBOR looks set to disappear and new investment, borrowing and hedging products, such as interest rate swaps, are already being based on SONIA, so a good understanding of the rate is necessary.

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Local Authority Derivatives – Regulatory Framework

Thursday 22 October 2020

A recent local authority interest rate swap transaction, developed by Arlingclose and believed to be the first of its kind in over thirty years, has reignited the debate around power to use derivatives. In this note we set out the legal and regulatory background to local authority use of derivatives.

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Quantum of Tolerance

Thursday 22 October 2020

Assessing risk tolerance is no easy task and requires a variety of both objective and subjective judgements.

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An Interest in Swaps Webcast

Thursday 22 October 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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Minimum Revenue Provision (MRP)

Friday 16 October 2020

Is it time to revisit MRP?

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Brexit Deadline Day Webcast with Columbia Threadneedle

Thursday 15 October 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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The Future of the High Street?

Thursday 15 October 2020

This topic was spoken about long before COVID-19 reared its ugly head, but with lockdowns still in place across the globe, this question is more pertinent than ever

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Negotiating PFI, PPP, JV and Outsourced Service Delivery Arrangements

Wednesday 14 October 2020

Increasingly, Arlingclose is being asked to provide advice on local authority contracts including Private Finance Initiatives, other forms of Public Private Partnerships and Joint Ventures and outsourced services.

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Interest Rate Risk Management Using Swaps

Thursday 08 October 2020

Local authorities which fund their borrowing requirements from either internal borrowing or short-term variable rate borrowing from other local authorities are exposed to the risk of interest rates rising. A swap is one way of managing this risk.

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Security in a Negative Rate Environment

Wednesday 07 October 2020

When interest rates are negative, and you withdraw your cash with interest deducted, have you broken the golden rule of keeping your investment secure?

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Diversifying Debt with EY Webcast

Monday 05 October 2020

A second chance to listen to last week's instalment of the #TrendingTreasury series

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A History of Base Rate

Friday 02 October 2020

Base Rate is older than you might think and started when the Bank of England was granted a Royal Charter by King William and Queen Mary in 1694.

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REITs in a Local Authority Investment Portfolio

Thursday 01 October 2020

Are Real Estate Investment Trusts (REITs) a good investment for local authorities?

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Brexit: Where are we now?

Tuesday 29 September 2020

Four years, three prime ministers and one pandemic later, we approach the finish line for Brexit negotiations. What are the issues preventing a trade agreement from being reached?

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Revolving Credit Facilities

Friday 25 September 2020

An introduction to Revolving Credit Facilities: how can local authorities use them and why is it a good time to start thinking about them.

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Longer or Lower Webcast

Tuesday 22 September 2020

A second chance to listen to last week's instalment of the #TrendingTreasury series

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Income Strips

Tuesday 22 September 2020

Income Strip transactions could be just one of the options available in a brave new world of local authority capital funding.

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Negative Expectations

Friday 18 September 2020

Expectations for negative rates, apparently kicked into the long grass by the Bank of England as recently as the August Monetary Policy Report, have received a boost following the publication of the minutes of the September MPC meeting.

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Is your Working Capital, Working for you?

Friday 18 September 2020

Working capital can no longer be the forgotten element of treasury planning

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The Return is not Enough

Monday 14 September 2020

Risk should also be involved in any decision-making.

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Managing Liquidity in a Negative Rate Environment Webcast

Friday 11 September 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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What happened to Carillion?

Friday 11 September 2020

What led to their demise and were the warning signs there?

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Future Funding Forum Webcast

Tuesday 08 September 2020

A second chance to listen to last week's instalment of the #TrendingTreasury series

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Pass the PWLB

Monday 07 September 2020

Allowing local authorities to transfer PWLB loans between each other could dramatically increase flexibility in debt management, reduce risk and deliver substantial savings. In this Insight Arlingclose examine how this could work.

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Strategic Fund Allocations and Managing Risk

Wednesday 02 September 2020

How do you minimise risk when investing in Strategic Pooled Funds?

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The Capital Financing Requirement (CFR)

Tuesday 01 September 2020

The CFR measures a vital component of an authority’s capital strategy, the amount of capital spending that has not yet been financed by capital receipts, capital grants or contributions from revenue income.

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Liquidity Management Webcast

Friday 28 August 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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Irrational Exuberance

Thursday 27 August 2020

Time to dust off Greenspan's warning?

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Give us a Waive

Tuesday 25 August 2020

Sterling yields are heading towards zero – and perhaps MMF fees are too

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Managing Optimum Cash Balances

Monday 24 August 2020

Liquidity is a key requirement of an effective treasury operation but is holding excessive liquidity an expensive luxury in the current interest rate environment? Are there ways in which the optimum cash balance can be calculated?

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Are you holding too much cash?

Friday 21 August 2020

The elephant in the room is the likelihood of more widespread negative interest rates

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Equity Markets & Equity Funds Update Webcast

Thursday 20 August 2020

A second chance to listen to this week's instalment of the #TrendingTreasury series

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Capitalising on your Capital Strategy

Thursday 20 August 2020

Arlingclose have provided our clients with a template to form the basis for their capital strategy

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Accounting for Negative Interest Income

Wednesday 19 August 2020

Corporate finance managers should be thinking now about the accounting implications, ready for when the time comes.

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Surprised?

Monday 17 August 2020

After a number of positive data releases outperformed expectations, is it possible that economists' forecasts are too pessimistic?

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The Usable Capital Receipts Reserve

Thursday 13 August 2020

As Statements of Accounts are being produced is there an opportunity to review the balance sheet and make sure we are making the best use of resources?

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iDealTrade - a Local Authority Dealing Platform

Tuesday 11 August 2020

Find out more about what makes iDealTrade an easy, reliable and secure trading solution.

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Can we still bank on the banks?

Wednesday 05 August 2020

Should depositors be any more concerned compared to a few months ago?

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Commercial Property Investment Update

Tuesday 04 August 2020

Can a local authority with a small and concentrated exposure to commercial property deal with the impact of non-payment or reduction in rental levels?

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Managing Commercial Property Risk Webcast

Monday 03 August 2020

A second chance to listen last week's instalment of the #TrendingTreasury series

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A New National Infrastructure Bank?

Friday 31 July 2020

With the UK set to lose access to European Investment Bank finance, could we see a new independent infrastructure institution?

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Time to do something different on debt?

Tuesday 28 July 2020

HM Treasury’s consultation on the Public Works Loan Board (PWLB) “Future Lending Terms” closes at the end of July. While we wait to find out about new rules, rates and availability, an expanding band of borrowers are asking themselves - is it time to do something different on debt?

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Section 114

Monday 27 July 2020

What is Section 114 and why is it more relevant during the Covid-19 pandemic?

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Demography is Destiny

Friday 24 July 2020

What does a future world look like where population shrinks rather than grows?

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Investment Benchmarking; what does it tell us?

Thursday 23 July 2020

Arlingclose' quarterly investment benchmarking under the microscope

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PAC Report on Commercial Investments Webcast

Thursday 23 July 2020

A second chance to listen to the next instalment of the #TrendingTreasury series

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Am IBORing you?

Monday 20 July 2020

The Countdown to 2021: What’s happening with LIBOR transition?

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How Creditworthy is your Leisure Provider?

Tuesday 14 July 2020

Councils are often forced to step in with short term finance to ensure continuity of service.

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The Importance of Financial Support and the Necessity of Due Diligence

Friday 10 July 2020

Arlingclose has a successful track record of performing due diligence on a variety of commercial enterprises, from housing associations to retailers to property developers.

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The Future for Sustainable Capitalism Webcast

Thursday 09 July 2020

A second chance to listen to the next instalment of the #TrendingTreasury series

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Getting the Balance Right

Monday 06 July 2020

Is it now time to consider future borrowing relating to the two funds under two separate borrowing strategies?

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Happy Bobby Bonilla Day!

Wednesday 01 July 2020

This story teaches us the risk of having certain outgoings paid for by uncertain income

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Potential Sunburn for Commercial Property

Monday 29 June 2020

A CVA is a process which allows an insolvent company to pay creditors over a fixed period.

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Are We Approaching the End of QE in the UK?

Thursday 25 June 2020

Are we approaching the end of QE?

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PWLB Consultation & The Future of LA Borrowing Webcast

Friday 19 June 2020

A second chance to listen to the fifth webcast in the #TrendingTreasury series

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Can it be Capitalised?

Friday 19 June 2020

Are you making a significant charge to Revenue when it could be Capitalised?

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Arlingclose digs deep… and plants a tree.

Wednesday 17 June 2020

Read the steps that we have taken in becoming carbon negative.

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The Economy of Vaccines

Tuesday 16 June 2020

Certainty or pure speculation?

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Return of reason or temporary hiatus?

Friday 12 June 2020

Had investors simply got ahead of themselves or is there more to the rise than meets the eye?

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QE: Price Inflation or Asset Price Inflation Webcast

Friday 12 June 2020

A second chance to listen to the fourth webcast in the #TrendingTreasury series

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Will Coronavirus lead to higher Inflation

Thursday 11 June 2020

External Insight

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PWLB Future Lending Terms – The Sooner the Better?

Friday 05 June 2020

Over the past twelve months, forecasting PWLB rates has become much more complicated.

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HRA Interest Costs

Wednesday 03 June 2020

Is it time to take stock?

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Banks are safer than in 2008 – but safer for who?

Friday 29 May 2020

The UK banking sector has undergone significant structural changes since the global financial crisis of 2007-09. So if coronavirus has a similar impact on banks, how different will the impact be?

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Responsible Investment – ESG Engagement

Thursday 28 May 2020

Engagement is a popular approach to responsible investment

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What is Dividend Yield?

Friday 22 May 2020

Does a stock with a high dividend yield automatically make a great investment?

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Value Investing in the Time of Coronavirus Webinar

Thursday 21 May 2020

Arlingclose hosted Schroders’ Ben Arnold, CFA to discuss how value investing strategies are holding up during the pandemic.

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Code Commitments

Tuesday 19 May 2020

Ensuring councils continue to operate within the Money Markets Code.

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The Last Time Things Were This Bad

Thursday 14 May 2020

This article looks at what happened in a very different and very long ago economic crisis.

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How Slow Can You Go?

Thursday 14 May 2020

How slow are credit rating agencies at updating ratings?

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Coronavirus and Commercial Property Webinar

Tuesday 12 May 2020

Coronavirus and Commercial Property

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Credit cards getting locked-down?

Wednesday 06 May 2020

What do consumer credit data tell us about the impact of the lockdown?

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The Fiscal Cost of Tackling Coronavirus

Friday 24 April 2020

Some startling but perhaps not unexpected numbers have been bandied about over the last couple of days.

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Risky Business

Wednesday 22 April 2020

Using sustainable hedging strategies to minimise interest rate risk.

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How low can we go, and how fast will we get there?

Tuesday 07 April 2020

Consumer confidence has plunged, read Arlingclose' take on the latest economic releases

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Happy New Year

Wednesday 01 April 2020

Year End Consultancy Help

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Are you Missing Out on MRP Savings?

Thursday 23 January 2020

Minimum Revenue Provision (or Loans Fund Repayments in Scotland) is the local authority equivalent of depreciation.

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Flying into Trouble?

Thursday 16 January 2020

State Aid

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16 Is the New 17

Thursday 03 October 2019

IFRS 16 Leasing Insight

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After Mark Carney; who could be next?

Wednesday 11 September 2019

Who is going to replace Mark Carney in January 2020?

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IFRS 9 and Other Common Year End Problems

Friday 19 July 2019

IFRS 9 and Other Common Year End Problems

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Summer Loanin’: When's the best date to deal?

Wednesday 05 June 2019

Summer Loanin’: When is the best date to deal?

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Modifying your Year End Position?

Wednesday 24 April 2019

Loan Modification

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Local Authority Borrowing Structures

Wednesday 24 April 2019

The Types and Structures of Borrowing available to LAs

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Monitoring Risk in Local Government Finance

Friday 05 April 2019

Financial Strength Ratings

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Interest Rates – How Low Can They Go?

Thursday 28 March 2019

Interest Rates – How Low Can They Go?

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Don’t Get Caught Out by IFRS 9

Wednesday 20 March 2019

Don’t Get Caught Out by IFRS 9

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Investment Property: a calculated risk?

Monday 04 February 2019

Investment Property Analysis

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Strategy Overload

Monday 05 November 2018

Strategy Overload

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HRA Debt Cap. Is it the answer to the housing crisis?

Friday 12 October 2018

HRA Debt Cap. Is it the answer to the housing crisis?

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IFRS 16 …Are you ready yet?

Friday 24 August 2018

IFRS 16 …Are you ready yet?

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The new stars in the Bank of England’s Inflation Report

Monday 20 August 2018

The new stars in the Bank of England’s Inflation Report

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Treasury Management Systems

Wednesday 08 August 2018

Treasury Management Systems

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A change to the GDP model

Thursday 02 August 2018

A change to the GDP model

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Passive Aggressive

Thursday 14 June 2018

Passive Aggressive

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Peaks and Troughs

Wednesday 30 May 2018

Peaks and Troughs

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Are You Capital Rich but Revenue Poor?

Tuesday 01 May 2018

Are You Capital Rich but Revenue Poor?

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Minimum Revenue Provision - Revised Guidance

Tuesday 27 March 2018

Minimum Revenue Provision - Revised Guidance

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iDealTrade - February 2018 Review

Wednesday 07 March 2018

IDealTrade - February 2018 Review

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Rate Hikes, Job Cuts?

Monday 05 March 2018

Rate Hikes, Job Cuts?

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External Insight - Deutsche Asset Management

Tuesday 27 February 2018

EU Money Market Reform - LVNAVs: Cash or cash-equivalent?

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Local Authority Credit Risk

Wednesday 21 February 2018

Local Authority Credit Risk

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IFRS 9 and Pooled Funds

Monday 05 February 2018

A treasury manager and a financial accountant were overheard chatting by the coffee machine recently…

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What could a hard Brexit mean for investors?

Tuesday 12 December 2017

As negotiations continue between Theresa May and Jean-Claude Juncker, many are discussing whether we are going to have a hard or a soft Brexit. What does this mean exactly?

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iDealTrade - Local Authority Market Insight

Thursday 07 December 2017

Arlingclose launched iDealTrade.net on 8th November 2017. iDealTrade is a platform for local authorities to borrow and lend to one another, a market which has grown massively in recent years due to the high credit quality of local authorities and the flexibility and affordability of the funding they can offer.

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Bank Stress Tests 2017 – Resilience, but no room for complacency

Wednesday 06 December 2017

Bank Stress Tests 2017 – Resilience, but no room for complacency

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The REIT way to invest in commercial property?

Tuesday 21 November 2017

The REIT way to invest in commercial property?

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iDealTrade Press Release

Wednesday 15 November 2017

iDealTrade Press Release

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The Changing Face of Payments

Monday 13 November 2017

The Changing Face of Payments

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External Insight - DCLG considering allowing shared ownership for RTB replacements

Friday 25 August 2017

The government is considering proposals from a group of 50 councils to allow them to spend Right to Buy receipts on purchasing properties for shared ownership.

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Miffed by MiFID 2

Monday 10 July 2017

Miffed by MiFID 2

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Bail-in at Banco Popular Espanol makes it a model for future failing banks

Monday 12 June 2017

Drowned out by the noise of last week’s UK general election, one event went under the radar: the first demonstration of the formal and swift bail-in of a failing bank under the EU’s Bank Recovery and Resolution Directive (BRRD), making it a model...

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The UK Money Markets Code

Monday 22 May 2017

The UK Money Markets Code

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Newham & Barclays LOBO Restructuring

Thursday 02 March 2017

Newham & Barclays LOBO Restructuring

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External Insight - Woodford Investment Management Ltd.

Monday 20 February 2017

Are UK equities overvalued?

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Housing White Paper

Friday 10 February 2017

Housing White Paper

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External Insight - CCLA - Property Sector Perspective

Monday 06 February 2017

External Insight - CCLA - Property Sector Perspective

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External Insight - Insight Investments - Asset-backed securities, ‘The Big Long’?

Monday 30 January 2017

External Insight - Insight Investments - Asset-backed securities, ‘The Big Long’?

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External Insight - Charteris - Inflation/Deflation Cycle: Why Index Linked Gilts Are Not The Answer

Thursday 12 January 2017

External Insight - Charteris - Inflation/Deflation Cycle: Why Index Linked Gilts Are Not The Answer

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External Insight - Payden & Rygel

Monday 09 January 2017

External Insight - Payden & Rygel

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External Insight - Federated Investors (UK)

Wednesday 04 January 2017

External Insight - Federated Investors (UK)

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Asset Financing and Leasing Variations

Monday 02 January 2017

Asset Financing and Leasing Variations

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Housing Companies

Tuesday 15 November 2016

Housing Companies

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The Prudential Regulation Authority

Friday 04 November 2016

The Prudential Regulation Authority

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Quantitative Easing: Bingeing on Bonds?

Thursday 29 September 2016

Quantitative Easing: Bingeing on Bonds?

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Hope after Brexit

Monday 26 September 2016

Hope after Brexit

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Brexit Note to the Accounts

Tuesday 13 September 2016

Brexit Note to the Accounts

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Borrowing Update - Post-EU Referendum Vote

Sunday 26 June 2016

Borrowing Update - Post-EU Referendum Vote

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Death Of A LOBO

Sunday 26 June 2016

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.

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Keep Calm and Carry On

Friday 24 June 2016

The United Kingdom has voted to leave the European Union

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