Aberdeen
23 November 2016
Reporter: Mark Dugdale

BNY Mellon acts as trustee on Aberdeen bond


BNY Mellon has been appointed as trustee and paying agent on Aberdeen City Council's £370 million infrastructure bond.

The proceeds of Aberdeen City Council's £370 million transaction, the first capital markets instrument to be issued by a Scottish local authority, will be used to fund capital expenditure programmes on local infrastructure projects.

BNY Mellon will also act as calculation agent, common depository and tax administration agent throughout the life of this deal until final maturity in 2054. HSBC Bank acted as both the sole arranger and bookrunner on the financing.

Aberdeen City Council leader Jennifer Laing said: “It is a remarkable achievement by this council in securing this investment in the future of our city.”

“Having already secured a credit rating from Moody's Investors Service at Aa2, the issue of the bond is another step forward by the Council in delivering a stable and fiscally prudent financial strategy that is both affordable and sustainable for the future—as demonstrated by investor confidence.”

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