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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Banco Santander, S.A.    SAN   ES0113900J37


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UK Municipal Bonds Agency cancels planned sterling bond issue

12/01/2020 | 01:08pm EST

LONDON, Dec 1 (Reuters) - The UK Municipal Bonds Agency, which raises funds in debt markets for local authorities, has cancelled a bond issue intended to raise funds for Warrington Council in northwest England, an official told Reuters.

The eight-year sterling bond sale was withdrawn after investors raised concerns about changes to how the UK Debt Management Office's Public Works Loans Board (PWLB) lends money to local authorities, said Christian Wall, a director at PFM, speaking on behalf of the agency. PFM is the managed service provider to the UK Municipal Bonds Agency.

"Investors were concerned that local authorities that use PWLB would not be able to access it in the future. The way some recent changes were announced or not announced has caused a lot of people to speculate who is eligible or not eligible," he said.

In changes pushed by UK finance minister Rishi Sunak, the way in which local authorities are funded was altered last week, with the PWLB cutting the rate of its lending facility by 100 basis points but increasing the checks it performs on councils seeking funds.

A government document https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/940281/Response_to_consultation_Public_Works_Loan_Board_future_lending_terms_1.pdf said some councils had been using the PWLB lending facility to buy investment property to generate yield, which is "not an appropriate use of PWLB loans."

The UK Municipal Bonds Agency was created to provide local councils with much-needed funding, but only this year made its bond market debut after six years of delays and false starts.

Deutsche Bank, HSBC and Santander were bookrunners on Tuesday's cancelled deal. (Reporting by Abhinav Ramnarayan; Editing by Tommy Wilkes and Mark Potter)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -2.87% 2.7205 Delayed Quote.7.19%
DEUTSCHE BANK AG -3.69% 9.627 Delayed Quote.7.58%
HSBC HOLDINGS PLC -1.21% 403.25 Delayed Quote.6.44%
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Net income 2020 -8 446 M -10 198 M -10 198 M
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P/E ratio 2020 -5,49x
Yield 2020 2,92%
Capitalization 47 140 M 56 995 M 56 922 M
Capi. / Sales 2020 1,06x
Capi. / Sales 2021 1,09x
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