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.”

More custody news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Boeing and JCP name Northern Trust as global custodian
17 August 2017 | Chicago | Reporter: Jenna Lomax
The Boeing Company has mandated Northern Trust to act as global custodian for its €54 billion defined contribution retirement plan
CACEIS reports assets under custody increase
07 August 2017 | Paris | Reporter: Jenna Lomax
French asset servicing firm CACEIS has reported that its assets under custody increased by 13.7 percent in Q2 2017
NSD’s securities under custody climb
02 August 2017 | Moscow | Reporter: Jenna Lomax
The Russian settlement depository held assets under custody valued at RUB 32.2 trillion (USD 536.32 billion) in Q2 2016
BNP Paribas sees Q2 success
31 July 2017 | Paris | Reporter: Jenna Lomax
BNP Paribas has seen a 10.7 percent increase in assets under custody, reporting a total of €9 trillion at the end of Q2 2017, compared to €8.1 trillion in Q2 2016
Northern Trust wins Hong Kong higher education mandate
31 July 2017 | Hong Kong | Reporter: Stephanie Palmer
Northern Trust has been selected to provide global custody and other services to The Open University of Hong Kong
Record-breaking Q2 for State Street
27 July 2017 | Boston | Reporter: Stephanie Palmer
State Street recorded record levels of assets under custody and administration, and assets under management in Q2 2017, with the former topping $31 trillion
Northern Trust to offer fund services to GuideStone Funds
24 July 2017 | Dallas | Reporter: Jenna Lomax
GuideStone Funds is a subsidiary of GuideStone Financial Resources, a financial service providing retirement, investment and life and health plans to evangelical Christian churches, educational institutions and ministry organisations
More custody news