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LOBO loan details for 2015/16 & 2018/19

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Research for Action

Dear Hertfordshire County Council,

A. Please provide a spreadsheet in .xls format containing the following information for each of the LOBO loans you held in the 2015/16 financial year (please use a row for each loan and a column for each parameter indicated below):
1. Internal reference number
2. Principal
3. Initial counterparty
4. Date loan was signed
5. Drawdown date
6. Maturity date
7. Option period (number of months)
8. Start date for teaser rate (if applicable)
9. Teaser interest rate (if applicable - intended as the discount rate sometimes offered before the initial rate)
10. Start date for initial rate
11. Initial interest rate (intended as the rate set for the term of the loan until the first option is called)
12. First option date
13. Has the option been exercised?
14. Most recent date when option was exercised (if applicable)
15. Interest rate in 2015/16
16. Interest paid in 2015/16
17. Fair value in March 2016
18. Interest rate in 2018/19
19. Interest paid in 2018/19
20. Fair value in March 2019
21. Current counterparty
22. Name of treasury management advisor when the loan was taken out
23. Name of broker who arranged the loan
24. Fee paid to the broker for the loan

B. Please provide copies of:
1. The original LOBO loan contracts
2. The invoices for the broker fees

Kind regards,

Ludovica Rogers

Information Governance, Hertfordshire County Council

3 Atodiad

Dear Ludovica,

 

Reference number: FOI/RAP/05/19/17448

 

Thank you for your correspondence of the 3^rd May 2019 requesting the
following information:

 

A. Please provide a spreadsheet in .xls format containing the following
information for each of the LOBO loans you held in the 2015/16 financial
year (please use a row for each loan and a column for each parameter
indicated below):

1. Internal reference number

2. Principal

3. Initial counterparty

4. Date loan was signed

5. Drawdown date

6. Maturity date

7. Option period (number of months)

8. Start date for teaser rate (if applicable)

9. Teaser interest rate (if applicable - intended as the discount rate
sometimes offered before the initial rate)

10. Start date for initial rate

11. Initial interest rate (intended as the rate set for the term of the
loan until the first option is called)

12. First option date

13. Has the option been exercised?

14. Most recent date when option was exercised (if applicable)

15. Interest rate in 2015/16

16. Interest paid in 2015/16

17. Fair value in March 2016

18. Interest rate in 2018/19

19. Interest paid in 2018/19

20. Fair value in March 2019

21. Current counterparty

22. Name of treasury management advisor when the loan was taken out 23.
Name of broker who arranged the loan

24. Fee paid to the broker for the loan

 

Your request for information is being considered under the Freedom of
Information Act 2000. We will respond to your request as quickly as
possible, and by close of 5^th June 2019 at the latest. Please note that
we are aware that you have already submitted an earlier request (being
managed under our reference of 17189) concerning the same subject matter,
as a consequence any response to this request will be aggregated against
the time already spent on responding to that request.

 

If you have any questions, please do not hesitate to contact me, quoting
the reference number above.

               

Yours sincerely,

 

Michael Warby

Information Access Manager

Information Access Team

Hertfordshire County Council

Room 216a

Postal Point CHN 320

County Hall,

Hertford, SG13 8DQ

01992 555848 (25848) 

Email: [1][Hertfordshire County Council request email]

 

The Information Access Team supports Hertfordshire County Council's
Freedom of Information and Environmental Information Regulations activity.

Hertfordshire - County of Opportunity

Follow us online:

[2]herts-county-council logo  [3]twitter icon  [4]facebook icon

 

****Disclaimer****

The information in this message should be regarded as confidential and is
intended for the addressee only unless explicitly stated. If you have
received this message in error it must be deleted and the sender notified.
The views expressed in this message are personal and not necessarily those
of Hertfordshire County Council unless explicitly stated. Please be aware
that emails sent to or received from Hertfordshire County Council may be
intercepted and read by the council. Interception will only occur to
ensure compliance with council policies or procedures or regulatory
obligations, to prevent or deter crime, or for the purposes of essential
maintenance or support of the email system.

References

Visible links
1. mailto:[Hertfordshire County Council request email]
2. http://www.hertfordshire.gov.uk/
3. http://twitter.com/hertscc
4. https://www.facebook.com/hertscountycoun...

Information Governance, Hertfordshire County Council

3 Atodiad

Dear Ludovica,

 

Reference number: FOI/RAP/05/19/17448

 

On 3^rd May 2019 Hertfordshire County Council received the following
request for information from you:

 

A. Please provide a spreadsheet in .xls format containing the following
information for each of the LOBO loans you held in the 2015/16 financial
year (please use a row for each loan and a column for each parameter
indicated below):

1. Internal reference number

2. Principal

3. Initial counterparty

4. Date loan was signed

5. Drawdown date

6. Maturity date

7. Option period (number of months)

8. Start date for teaser rate (if applicable)

9. Teaser interest rate (if applicable - intended as the discount rate
sometimes offered before the initial rate)

10. Start date for initial rate

11. Initial interest rate (intended as the rate set for the term of the
loan until the first option is called)

12. First option date

13. Has the option been exercised?

14. Most recent date when option was exercised (if applicable)

15. Interest rate in 2015/16

16. Interest paid in 2015/16

17. Fair value in March 2016

18. Interest rate in 2018/19

19. Interest paid in 2018/19

20. Fair value in March 2019

21. Current counterparty

22. Name of treasury management advisor when the loan was taken out 23.
Name of broker who arranged the loan

24. Fee paid to the broker for the loan

 

Your request for information has been considered under the Freedom of
Information Act 2000 and I can respond as follows:

 

Most
First recent Advisor
Internal Initial Date Drawdown Maturity Option Start Date Initial Option Option Option Rate Rate Current when Brokerage
Reference Principal Counterparty Signed Date Date Period Initial Rate Rate Date Exercised? Date 15/16 £ 15/16 FV 31/3/16 18/19 £ 18/19 FV 31/3/19 Counterparty taken Broker Paid Comments
24/01/2008 3 Years Bank
Barclays Barclays Bank Converted
LOBO0304 15,000,000.00 Bank plc 19/03/08 19/03/54 4.20% 4.2000% plc to Fixed
OPTIONS       Rate June
N/A N/A 19/03/2010 NO REMOVED 630,000.00          21,908,000 630,000.00          21,608,000 Butlers Not Held Not Held 2016
LOBO12052 9,400,000.00 Depfa Bank 29/11/2005 12/12/05 12/12/65 6 4.99%    4.9900%    FMS
plc months 12/12/05-12/12/08 N/A 12/12/2008 NO 12/12/2018 469,060.00          16,561,000 469,060.00          17,815,000 Wertgemanagement Butlers Not Held not Held  
23/05/2005 6 Bank
Barclays months Barclays Bank Converted
LOBO0905 10,000,000.00 Bank plc 30/09/05 30/09/60 4.49% 4.6000% plc to Fixed
OPTIONS       Rate June
30/9/05-30/9/15 4.35% 30/09/2015 NO REMOVED 448,726.03          15,968,000 460,000.00          16,005,000 Butlers Not Held Not Held 2016
23/05/2005 6 Bank
Barclays months Barclays Bank Converted
LOBO09052 10,000,000.00 Bank plc 30/09/05 30/09/61 4.49% 4.6000% plc to Fixed
OPTIONS       Rate June
03/9/05-30/9/15 4.35% 30/09/2015 NO REMOVED 448,726.03          16,168,000 460,000.00          16,236,000 Butlers Not Held Not Held 2016
LOBO1005 10,000,000.00 Dexia Credit 05/07/2005 25/11/11 30/03/65 6 4.50%    4.5000%    Dexia Credit ICAP
Local months 3/10/05-2/10/07 2.70% 01/10/2007 NO 03/04/2019 450,000.00          16,267,000 450,000.00          17,517,000 Local Sterling SECURITIES 12000  
30/08/2005 6 Bank
Barclays months Barclays Bank Converted
LOBO1205 10,000,000.00 Bank plc 06/12/05 06/12/65 4.38% 4.3750% plc to Fixed
OPTIONS       Rate June
6/12/05-6/12/07 2.40% 06/07/2007 NO REMOVED 437,500.00          16,241,000 437,500.00          15,980,000 Butlers Not Held Not Held 2016
05/09/2005 6 Bank
Barclays months Barclays Bank Converted
LOBO1105 7,000,000.00 Bank plc 14/11/05 14/11/65 4.60% 4.6000% plc to Fixed
OPTIONS       ICAP Rate June
14/11/05-14/11/07 4.40% 14/11/2007 NO REMOVED 322,000.00          11,732,000 322,000.00          11,655,000 Butlers SECURITIES 8400 2016
19/07/2006 5 Years Bank
Barclays Barclays Bank Converted
LOBO0706 15,100,000.00 Bank plc 21/07/06 21/07/76 4.26% 4.2600% plc to Fixed
OPTIONS    Rate June
N/A N/A 21/07/2020 NO REMOVED 643,260.00          25,414,000   643,260.00          24,704,000 Butlers Not Held Not Held 2016
05/04/2007 6 Bank
Barclays months Barclays Bank Converted
LOBO0407 21,000,000.00 Bank plc 11/04/07 11/04/77 4.37% 4.3700% plc to Fixed
OPTIONS       ICAP Rate June
N/A N/A 11/04/2017 NO REMOVED 917,700.00          36,252,000 917,700.00          35,467,000 Butlers SECURITIES 50400 2016
Royal Bank 10/04/2008 5 years Loan
LOBO1008 10,000,000.00 of Scotland 31/10/08 06/11/18 3.90% 3.9000% Royal Bank of Prepaid
plc LOAN       Scotland plc ICAP November
N/A N/A 31/10/2011 NO REPAID 390,000.00          16,253,000 235,068.49                            -   Butlers SECURITIES 18000 2018
Royal Bank 25/09/2008 5 years Loan
LOBO0309 20,000,000.00 of Scotland 03/03/09 06/11/18 4.25% 4.2500% Royal Bank of Prepaid
plc LOAN       Scotland plc ICAP November
N/A N/A 03/03/2024 NO REPAID 850,000.00          33,750,000 512,328.77                            -   Butlers SECURITIES 36000 2018
11/06/2007 N/A  Negotiated
Indexed conversion
LOBO0607 18,000,000.00 Barclays 25/06/07 27/06/16 4.70% Barclays Bank to Fixed
Bank plc plc Loan
N/A OPTIONS       ICAP August
N/A 4.05%/4.70% Indexed NO REMOVED 846,000.00          30,180,000 4.63% 832,500.00          30,268,000 Butlers SECURITIES 32400 2016

 

If you have any questions, please do not hesitate to contact me, quoting
the reference number on this correspondence. To find out more about
Freedom of Information, please visit
[1]http://www.hertfordshire.gov.uk/your-cou...

 

If you are unhappy with the way the County Council has handled your
request for information you may request an internal review of the request.
This will be carried out by a member of the County Council Legal Services
Team, who has had no prior involvement with the request. Requests for an
internal review should be sent to the Information Governance Unit at the
address above (within 2 months of this correspondence) and should detail
in writing your grounds of appeal.

                    

If you are unhappy with the outcome of the internal review you are
entitled to ask the Information Commissioner to investigate your
complaint. You should write to: FOI/EIR Complaints Resolution, Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9
5AF.

                             

Yours sincerely,

 

Michael Warby

Information Access Manager

Information Access Team

Hertfordshire County Council

Room 216a

Postal Point CHN 320

County Hall,

Hertford, SG13 8DQ

01992 555848 (25848) 

Email: [2][Hertfordshire County Council request email]

 

The Information Access Team supports Hertfordshire County Council's
Freedom of Information and Environmental Information Regulations activity.

Hertfordshire - County of Opportunity

Follow us online:

[3]herts-county-council logo  [4]twitter icon  [5]facebook icon

 

****Disclaimer****

The information in this message should be regarded as confidential and is
intended for the addressee only unless explicitly stated. If you have
received this message in error it must be deleted and the sender notified.
The views expressed in this message are personal and not necessarily those
of Hertfordshire County Council unless explicitly stated. Please be aware
that emails sent to or received from Hertfordshire County Council may be
intercepted and read by the council. Interception will only occur to
ensure compliance with council policies or procedures or regulatory
obligations, to prevent or deter crime, or for the purposes of essential
maintenance or support of the email system.

References

Visible links
1. http://www.hertfordshire.gov.uk/your-cou...
2. mailto:[Hertfordshire County Council request email]
3. http://www.hertfordshire.gov.uk/
4. http://twitter.com/hertscc
5. https://www.facebook.com/hertscountycoun...

Nid ydym yn gwybod a yw'r ymateb mwyaf diweddar i'r cais hwn yn cynnwys gwybodaeth neuai peidio - os chi ywResearch for Action mewngofnodwch a gadael i bawb wybod.