They say everything comes back into fashion and this seems to be the case in terms of the control of local authority capital spend.
Read moreAfter a long two years of few ‘in real life’ meetings, the Arlingclose team were keen to get in front of clients and non-clients alike, at Public Finance Live 2022.
Read morePolitical Turmoil, Relief and Gilt Yields
Read moreFCA moves to widen regulatory remit to ESG Data and Rating Providers
Read moreThe penny drops, but will it be sustained?
Read moreInterest Rate Uncertainty and the MPC’s New Member
Read moreRegulators are stepping up their scrutiny over sustainability claims.
Read moreBraintree District Council (BDC) has recently completed prepayment of its LOBO loans. The existing debt, running at an average interest rate of 4.7% over 40 years, was replaced using a combination of new funding and existing cash resources.
Read moreEarlier this month the Bank of England published its first resolvability assessment of major UK banks. The report is part of its Resolvability Assessment Framework which the Bank, as the resolution authority, undertakes to evaluate whether banks can fail in an orderly way.
Read moreDLUHC has issued an interim response to its November consultation on MRP.
Read moreAnalysing and assessing the financial strength of an institution, be it a bank, a corporate or a sovereign, requires more than just relying on credit ratings. For some time now Credit Default Swaps (CDS) have been used as an additional indicator of risk alongside other measures.
Read moreArlingclose is delighted to have arranged a £73m revolving credit facility for the London-based housing association Optivo, funded by UK local authorities.
Read moreWhether the bond is issued as ‘green’ or ‘sustainability-linked’, the servicing of debt, both coupon payment and principal repayment, remains the responsibility of the issuing entity and thorough credit analysis should not be overlooked.
Read moreThe last couple of weeks have been a reminder that, when looking at counterparty and credit risk, the UK’s 500 local authorities are not all the same.
Read moreA regulatory review is due and we noted last year that further rule changes could be on the horizon, driven by the market stresses experienced in March 2020 with the onset of the Covid-19 pandemic.
Read morePast performance is not a reliable indicator of future returns, or so goes the ubiquitous statement on much investment-related material. Despite this, past performance is often (always?) used by many investors as at least a general guide to what the future may bring.
Read moreThere is no doubt about it, bond yields are under significant pressure. They have relentlessly marched higher, driven by both inflation and monetary policy concerns. So, what has changed? The inflation outlook has been known for some time, so why are yields continuing to price in ever higher premiums?
Read moreOne of the key advantages of iDealTrade is that it allows you to be a market maker when you have specific requirements for your funding. A District Council's recent success highlights this.
Read moreNotable savings have been achieved through forward starting loans with private lenders
Read moreThe recent consultation to changes in the Minimum Revenue Provision regime in England has now closed and has prompted criticism of some of the more extreme approaches taken by local authorities in terms of MRP policy.
Read moreThe cryptocurrency market is now hard to ignore. Cryptoassets like Bitcoin have been growing in popularity in the last decade, becoming increasingly mainstream.
Read moreAfter the Omicron-induced hiatus in early December, gilt yields picked up steam through the holiday period and over the first month of the new year.
Read moreArlingclose is able to provide assistance in the preparation of year end accounts.
Read moreAt Arlingclose we are constantly striving to bring added value services to our clients and to do them as efficiently and effectively as possible.
Read moreAn LEI number is a ‘Legal Entity Identifier’ that has been required since 3rd January 2018 for any legal entities (excluding individuals) that buy or sell exchanged traded financial instruments.
Read moreWhat should investors relying on ESG ratings or data and wishing to better understand the inherent long-term risks and opportunities in their investments bear in mind?
Read moreThe past few years have seen a resurgence in debt refinancing as authorities look for ways to make savings and run a more efficient debt portfolio in line with their projected borrowing requirement
Read moreIf you want more localism you have to pay for it
Read moreThe Bank of England is ‘greening’ its corporate bond purchases to support the transition to net zero
Read moreLiverpool City Council (LCC) has successfully arranged the refinancing of £65m of Lender’s Option Borrower’s Option (LOBO) debt.
Read moreThe debate about whether, on average, active managers offer value for money in terms of generating outperformance, or ‘alpha’, continues and most definitely shows no signs of stopping.
Read moreAs Suffolk County Council closes the deal on their LOBO refinancing, David Blake examines the advantages of these transactions.
Read moreIn this note we explore price transparency, supply and demand dynamics and the benefits of screen-based trading.
Read moreAs COP26 comes to an end in Glasgow we hope progress will be made in the fight against climate change. At this point Arlingclose is pleased to announce that we have in our own way made a transition to net zero.
Read moreMark Swallow and David Green, Directors at Arlingclose, contribute to an informative panel debate with room151 on the draft prudential code, featuring Richard Lloyd Bithell, Senior Technical Manager at CIPFA, Martin Easton, co-auther of the draft code and Luke Webster, chair of CIPFA’s Treasury Management panel.
Read moreDavid Blake, director at Arlingclose, writes for room151 on the draft prudential code. Financial Investments get a rough ride in the draft Prudential Code, which appears to suggest local authorities should target zero cash balances, here he sets out why strategic investment should retain their place as part of prudent treasury management strategy.
Read morePostponed from last year, COP26 under the UK’s presidency will commence in Glasgow on 1st November 2021 with a world leaders’ summit and end on 12th November.
Read moreOne month ago, the 10-year gilt yield was 0.80%. Today it is 1.12%, having been as high as 1.20%. A good proportion of this sharp rise can be attributed to Bank of England communication on the back of inflation concerns, primarily that of the Governor Andrew Bailey.
Read moreOne of the key changes to the Treasury Management Code will be the requirement for local authorities to prepare a Liability Benchmark, something we at Arlingclose have been preparing for our clients for over a decade.
Read moreCIPFA’s new Prudential Code will include proportionality as a key objective for the first time. But for treasury managers, proportionality has always been a key principle for their roles.
Read moreThe question has to be asked, is the Bank of England (BoE) on the verge of making a policy error?
Read moreWith summer drawing to a close, minds turn toward the remaining months of 2021 and what lies ahead. Some may already be thinking of December’s festivities, but it will also be a month of particular interest to local authority treasurers, as it’s expected to bring the publication by CIPFA of revisions to the Prudential Code for Capital Finance and the Treasury Management Code of Practice.
Read moreThe UK government issued the first "Green Gilt" this week, a step in the right direction to achieve net zero by 2050.
Read moreOther than the obvious worry of death and disease one of the main things concerning everyone throughout the pandemic has been the effect on the economy.
Read moreJoin Stephen Kitching as he discusses the CFR.
Read moreGreenwashing is a compound word coined from ‘green sheen’ and ‘white washing’ describing the making of unsubstantiated or misleading claims about environmental benefits.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreWith the replacement of LIBOR rapidly approaching, David Blake examines how this may affect Private Finance Initiatives which reference the benchmark.
Read moreJoin Laura Fallon as she explains the ins and outs of liability benchmarks.
Read moreThe G20 Five Case Model impact on Public Sector project decision making
Read moreWhile a section 114 notice is a clear indication of financial distress, the existence of this procedure underlines the strength of the local government financial framework.
Read moreJoin David Green and Stephen Kitching as they discuss the latest updates from the CIPFA Prudential Code Consultation.
Read moreAverage earnings growth is soaring – but needs to be interpreted with caution.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreOne of the fears at the beginning of the pandemic was that of mass unemployment as businesses across the country were forced to close their doors. Now as the economy reopens all we are hearing is a clamour from businesses saying that they can’t find enough staff. What has caused this about-turn in circumstances?
Read moreFollowing being hit with a £91m fine, Lloyds Bank has helped bring how banks treat their customers into the credit mix.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreThe huge shocks to financial markets over the last year have highlighted the importance of a robust credit analysis process and can create a good opportunity to consider how these processes can be improved.
Read moreGovernment borrowing statistics for March 2021 showed that local authorities have lent over £14bn to their peers, raising an interesting question, how “ESG” is a local authority?
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreFor more information on parish and town council borrowing advice, please contact the Arlingclose team.
Read moreThe UK Infrastructure Bank (UKIB), headquartered in Leeds, opened to UK businesses this month.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury webcast series
Read moreIn order to help authorities manage risk and provide an alternative source of low cost funding, Arlingclose has partnered with the MBA to develop a short term loan product backed by commercial paper, available to English local authorities in the first instance.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series with M&G
Read moreFind out how Arlingclose can assist Parish and Town Councils with investment advice.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreSo, what exactly is the general power of competence and what will it mean for these local authorities?
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreThere’s no doubt about it, there’s a jittery mood in financial markets, causing flip flopping behaviour in equities, bonds, commodities and even Bitcoin.
Read moreA German bank shows the way. The innovative deal has set a high bar for meaningful ESG targets and approaches to sustainability.
Read moreRegulators are looking to update MMF rules once again.
Read moreA second chance to listen to this recent instalment of the #TrendingTreasury series
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreFor more information on how to protect your investment portfolio, please contact the Arlingclose team.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreHow Local Authorities Should be Investing in REITs
Read moreHow should you assess the relative performance of your investment portfolio?
Read moreLVNAV, VNAV, CNAV? A refresher of the differences
Read moreMarch is traditionally a bumper month for local authority borrowing, as cash runs out and spending increases during the last quarter. The pandemic and the changes to the PWLB margins prompted a very different March 2021.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreOver the last two years Arlingclose has been able to put together all of the liability benchmarks for our clients.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreSFDR - a key pillar of the European Union's ESG initiatives and yet another acronym inhabiting this space
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreRecent “capitalisation directions” provide further evidence of central government support for local authorities.
Read moreThe recent news on the capitalisation direction issued to Nottingham City Council brings the tally of directions granted to local authorities at just under £150million with more set to be announced over the coming weeks.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreA cautionary tale for local authorities as German local authorities may face significant investment losses
Read moreA couple of weeks ago another chapter of the long-running LOBO saga seemingly came to an end.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreThe range of so-called ‘alternative’ asset classes is wide, from funds using diverse strategies outside of the more traditional approaches along style, size, or geographical lines, to investing in art or wine, or using private equity and hedge funds.
Read moreA second chance to listen to the last instalment of the #TrendingTreasury series
Read moreAuthorities are borrowing portfolios of rolling short-term loans, benefiting from rates typically around 0.10%, with the flexibility to adjust debt levels as required.
Read moreFind out how Arlingclose can assist you at this financial year end
Read moreEverything comes back into fashion - The re-emergence of the HRA
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreIt has now been three months since HM Treasury published its new PWLB lending terms.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury webcast series
Read moreThis insight highlights the importance of performing detailed due diligence and also takes a look at what is happening with State Aid now that the UK has formally withdrawn from the EU
Read moreWhat are the United Nations’ Sustainable Development Goals (SDGs) and why are investors thinking about them?
Read moreAlthough negative interest rates are looking less likely to be implemented, it does not look as though rates are going up any time soon. What are the implications of the lower-for-longer forecast for Bank Rate?
Read moreA second chance to listen to this instalment of the #TrendingTreasury series
Read moreUsing market forward curves isn't a substitute for a good forecast
Read moreLast week CIPFA published consultation on its latest proposed changes which would see the sixth amendment since the introduction of the Code back in 2004
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreTake a deeper look into our quarterly investment benchmarking.
Read moreGlobal inflation expectations have risen since the turn of the year, driven by a culmination of factors, on both the demand and supply sides.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreThe Institute for Fiscal Studies (IFS) were hard at work in the run to Christmas and published an independent assessment of the latest Local Government Finance Settlement in England on 21st December.
Read moreA second chance to listen to the latest instalment of the #TrendingTreasury series
Read moreOn the hunt for revenue savings? Over the past few months Arlingclose has worked with several authorities, helping them unlock multi-million-pound savings.
Read moreStewardship is a powerful tool investors have at their disposal to encourage the listed entities they are invested in to develop more sustainable business practices and deliver substantial real change which also benefits stakeholders and wider society.
Read moreFollowing the introduction of HM Treasury’s PWLB Guidance, incorporating restrictions on access and a revised process, borrowing from the PWLB may now be more complicated. Arlingclose provide an overview of some of the key considerations.
Read moreThis article suggests some of the less painful steps local authorities can take towards closing the budget gap.
Read moreYour investments may seem to tick all the right ESG boxes, but have you fallen into the trap of "greenwashing"?
Read moreNext year the Bank of England will become the first central bank to carry out detailed climate stress testing
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreElectronic trading has been around for many years it has grown in popularity during a year that has been gripped by a pandemic.
Read moreLast week we saw the implementation of HM Treasury’s long-anticipated consultation response, but what lessons have been learnt from a year in the wilderness?
Read moreWhat are the impacts of the increase in remote working?
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreThe strategic asset allocation decision is a key one in the investment process
Read moreLocal government benefits from several statutory overrides
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreWhy are we seeing a continual rise in mortgage rates despite the Bank of England’s efforts to keep underlying rates low?
Read moreThe possibility of a vaccine is a real cause for optimism, but how much has it changed the outlook for the economy?
Read moreInvestment portfolios are like onions. How? They both have layers!
Read moreWhat is the projected path for UK economic recovery?
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreWith 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.
Read moreMoney 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.
Read moreLIBOR 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.
Read moreA 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.
Read moreAssessing risk tolerance is no easy task and requires a variety of both objective and subjective judgements.
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreThis 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
Read moreIncreasingly, 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.
Read moreLocal 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.
Read moreWhen interest rates are negative, and you withdraw your cash with interest deducted, have you broken the golden rule of keeping your investment secure?
Read moreA second chance to listen to last week's instalment of the #TrendingTreasury series
Read moreBase 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.
Read moreAre Real Estate Investment Trusts (REITs) a good investment for local authorities?
Read moreFour 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?
Read moreAn introduction to Revolving Credit Facilities: how can local authorities use them and why is it a good time to start thinking about them.
Read moreA second chance to listen to last week's instalment of the #TrendingTreasury series
Read moreIncome Strip transactions could be just one of the options available in a brave new world of local authority capital funding.
Read moreExpectations 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.
Read moreWorking capital can no longer be the forgotten element of treasury planning
Read moreRisk should also be involved in any decision-making.
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreWhat led to their demise and were the warning signs there?
Read moreA second chance to listen to last week's instalment of the #TrendingTreasury series
Read moreAllowing 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.
Read moreHow do you minimise risk when investing in Strategic Pooled Funds?
Read moreThe 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.
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreSterling yields are heading towards zero – and perhaps MMF fees are too
Read moreLiquidity 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?
Read moreThe elephant in the room is the likelihood of more widespread negative interest rates
Read moreA second chance to listen to this week's instalment of the #TrendingTreasury series
Read moreArlingclose have provided our clients with a template to form the basis for their capital strategy
Read moreCorporate finance managers should be thinking now about the accounting implications, ready for when the time comes.
Read moreAfter a number of positive data releases outperformed expectations, is it possible that economists' forecasts are too pessimistic?
Read moreAs 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?
Read moreFind out more about what makes iDealTrade an easy, reliable and secure trading solution.
Read moreShould depositors be any more concerned compared to a few months ago?
Read moreCan a local authority with a small and concentrated exposure to commercial property deal with the impact of non-payment or reduction in rental levels?
Read moreA second chance to listen last week's instalment of the #TrendingTreasury series
Read moreWith the UK set to lose access to European Investment Bank finance, could we see a new independent infrastructure institution?
Read moreHM 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?
Read moreWhat is Section 114 and why is it more relevant during the Covid-19 pandemic?
Read moreWhat does a future world look like where population shrinks rather than grows?
Read moreArlingclose' quarterly investment benchmarking under the microscope
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreThe Countdown to 2021: What’s happening with LIBOR transition?
Read moreCouncils are often forced to step in with short term finance to ensure continuity of service.
Read moreArlingclose has a successful track record of performing due diligence on a variety of commercial enterprises, from housing associations to retailers to property developers.
Read moreA second chance to listen to the next instalment of the #TrendingTreasury series
Read moreIs it now time to consider future borrowing relating to the two funds under two separate borrowing strategies?
Read moreThis story teaches us the risk of having certain outgoings paid for by uncertain income
Read moreA CVA is a process which allows an insolvent company to pay creditors over a fixed period.
Read moreAre we approaching the end of QE?
Read moreA second chance to listen to the fifth webcast in the #TrendingTreasury series
Read moreAre you making a significant charge to Revenue when it could be Capitalised?
Read moreRead the steps that we have taken in becoming carbon negative.
Read moreHad investors simply got ahead of themselves or is there more to the rise than meets the eye?
Read moreA second chance to listen to the fourth webcast in the #TrendingTreasury series
Read moreOver the past twelve months, forecasting PWLB rates has become much more complicated.
Read moreThe 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?
Read moreEngagement is a popular approach to responsible investment
Read moreDoes a stock with a high dividend yield automatically make a great investment?
Read moreArlingclose hosted Schroders’ Ben Arnold, CFA to discuss how value investing strategies are holding up during the pandemic.
Read moreEnsuring councils continue to operate within the Money Markets Code.
Read moreThis article looks at what happened in a very different and very long ago economic crisis.
Read moreHow slow are credit rating agencies at updating ratings?
Read moreExternal Insight
Read moreCoronavirus and Commercial Property
Read moreWhat do consumer credit data tell us about the impact of the lockdown?
Read moreSome startling but perhaps not unexpected numbers have been bandied about over the last couple of days.
Read moreUsing sustainable hedging strategies to minimise interest rate risk.
Read moreConsumer confidence has plunged, read Arlingclose' take on the latest economic releases
Read moreMinimum Revenue Provision (or Loans Fund Repayments in Scotland) is the local authority equivalent of depreciation.
Read moreWho is going to replace Mark Carney in January 2020?
Read moreIFRS 9 and Other Common Year End Problems
Read moreNegative Yield Curves
Read moreSummer Loanin’: When is the best date to deal?
Read moreThe Types and Structures of Borrowing available to LAs
Read moreFinancial Strength Ratings
Read moreInterest Rates – How Low Can They Go?
Read moreInvestment Property Analysis
Read moreHRA Debt Cap. Is it the answer to the housing crisis?
Read moreThe new stars in the Bank of England’s Inflation Report
Read moreAre You Capital Rich but Revenue Poor?
Read moreMinimum Revenue Provision - Revised Guidance
Read moreIDealTrade - February 2018 Review
Read moreEU Money Market Reform - LVNAVs: Cash or cash-equivalent?
Read moreA treasury manager and a financial accountant were overheard chatting by the coffee machine recently…
Read moreAs 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?
Read moreArlingclose 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.
Read moreBank Stress Tests 2017 – Resilience, but no room for complacency
Read moreThe REIT way to invest in commercial property?
Read moreThe 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.
Read moreDrowned 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...
Read moreNewham & Barclays LOBO Restructuring
Read moreAre UK equities overvalued?
Read moreExternal Insight - CCLA - Property Sector Perspective
Read moreExternal Insight - Insight Investments - Asset-backed securities, ‘The Big Long’?
Read moreExternal Insight - Charteris - Inflation/Deflation Cycle: Why Index Linked Gilts Are Not The Answer
Read moreExternal Insight - Payden & Rygel
Read moreExternal Insight - Federated Investors (UK)
Read moreAsset Financing and Leasing Variations
Read moreThe Prudential Regulation Authority
Read moreQuantitative Easing: Bingeing on Bonds?
Read moreBorrowing Update - Post-EU Referendum Vote
Read moreBarclays 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.
Read moreThe United Kingdom has voted to leave the European Union
Read more