When only part of a balance sheet is marked-to-market and the other is not, not only an entity (bank or corporate or pension fund) will have two fundamentally different and incompatible risk measures, but it will also create a gigantic liquidity exposure.
For a long time, we have been concerned by the common practice in Over the Counter (“OTC”) derivative markets of end users conducting all their hedging activity with a small group of their “relationship” banks
Long dated bond issues from the UK housing association sector are rarely headline grabbing events, but in a major break with market convention, corporate finance and investment firm TradeRisks has acted as arranger and sole bookrunner for a £110m Circle Anglia 2038 Sterling Eurobond issue.
TradeRisks designs and develops financial and credit scoring models for the analysis and management of liabilities of sovereign institutions to assist these clients in understanding their credit risk exposures to private sector corporates and institutions, both domestically and overseas.
OTC Exchange, the OTC Derivatives Exchange platform established by TradeRisks has announced that is has transacted a total of more than £1bn notional of GBP swaps for UK quasi-sovereign social housing providers.
Notting Hill Housing Trust, one of London's leading affordable housing providers, owning and managing over 26,000 homes across London and the wider South East, ("NHHT") has successfully launched and priced a £180m debut 32 year bond issue. TradeRisks acted as Arranger for the transaction.
The Church of England Pensions Board has entered into a £50m loan agreement arranged by TradeRisks to provide the finance needed over the next 3-4 years to assist clergy with their retirement accommodation. It is envisaged that further tranches of finance will be arranged in the future to enable the scheme to continue.
