Transaction overview
Arlingclose acted as Rate Benchmarker supporting TransPennine Express (TPE) and Grant Thornton on a £1bn rolling stock financing transaction.
Arlingclose provided independent market pricing across multiple aspects of the transaction, including foreign exchange, long-term debt and structured hedging rates.
Arlingclose's role
The scale and bespoke nature of the financing required detailed analysis across a range of market, financing and cashflow variables. Arlingclose provided specialist support including:
- Foreign exchange rate benchmarking, providing independent assessment of prevailing market pricing;
- Gilt pricing and benchmarking, supporting the assessment and execution of the debt pricing;
- Bespoke hedge pricing, reflecting the complex structure and tailored cashflow profile of the transaction.
Arlingclose provided TPE and Grant Thornton with independent market intelligence and detailed pricing analysis at key stages of the transaction, supporting the effective execution of both the foreign exchange and debt components of the financing.
Arlingclose was able to provide debt pricing and execution support on large and complex financing transactions, drawing on its expertise across debt capital markets, interest rate risk, hedging and treasury management.
"We were pleased to support TPE and Grant Thornton on this significant rolling stock financing. The size and bespoke structure of the transaction required detailed analysis across foreign exchange, hedging and debt market pricing.”
Stuart Jones, Client Director, Arlingclose
“Our role was to provide robust, independent market benchmarking, sensibility checks and execution advice throughout the pricing process, helping ensure that the client and wider advisory team had clear market intelligence at the sharp end of the transaction."
Nick Keeling, Strategic Director, Arlingclose
Arlingclose are also pleased that, in our own small way, our work on transactions such as this helps support the Government’s wider growth agenda and investment in the UK’s infrastructure. By helping clients execute major financing transactions efficiently and with greater certainty around market pricing, we can contribute to investment that supports economic activity, connectivity and long-term growth.
For more information on our Financial Transaction & Rate Benchmarking Services, please click here.
