Details of LOBO borrowing and brokerage arrangements

Aleksi Knuutila made this Freedom of Information request to Trafford Metropolitan Borough Council

This request has been closed to new correspondence. Contact us if you think it should be reopened.

The request was refused by Trafford Metropolitan Borough Council.

Dear Trafford Metropolitan Borough Council,

For each of the Lender Option, Borrower option (LOBO) loans Trafford Metropolitan Borough Council currently has on its books, and for any historical LOBO loans, please provide:

1) Loan principal?
2) Maturity date?
3) Trade date when the loan was signed?
4) Initial interest rate?
5) Current stepped-up interest rate and step-up date where applicable?
6) Any formula or structure determining the interest rate where applicable?
7) The first LOBO option call date?
8) The LOBO option call frequency?
9) Day count convention used for calculation of interest payments?
10) The original broker of the loan and fee paid?
11) Broker and fee paid for any subsequent restructuring?
12) The relevant bank or financial institution(s) which issued each LOBO loan?
13) The name of the Treasury Management Advisor who advised on each LOBO loan
14) Where available, the original unredacted LOBO loan contracts.

Many thanks.

Yours faithfully,

Aleksi Knuutila

Data Protection, Trafford Metropolitan Borough Council

Thank you for your email. 

Your enquiry has been given the reference number 4506.  Please quote this in all future correspondence with regard to this enquiry.

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Thank you
Trafford Council

Trafford Council is a well-performing, low-cost council delivering excellent services to make Trafford a great place to live, learn, work and relax. You can find out more about us by visiting www.trafford.gov.uk

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Data Protection, Trafford Metropolitan Borough Council

1 Attachment

  • Attachment

    FOI table of LOBO loans Feb 17.xlsb

    12K Download

Dear Aleski,

Further to your request form information (FOI 4506), please our response to questions 1-13 within the spreadsheet attached.

Regarding question 14, I confirm that we do hold the information you have requested. However, the information is exempt from disclosure under Section 43 of the Freedom of Information Act, due to the commercially sensitive nature of the information. Specific terms of loans are commercially sensitive and neither the lender nor borrower would expect specific details of the terms of a loan to be disclosed to the public. We do not believe that the public interest in disclosure is proportionate to the potential damage that would be caused as this would affect the Council's ability to borrow at competitive rates.

If you are not satisfied with this response you may ask for an internal review. If you would like an internal review you should email [Trafford Council request email] or write to the Information Governance Manager, Trafford Council, Trafford Town Hall, Talbot Road, Stretford, M32 0TH.

If you remain dissatisfied after an internal review has been undertaken, you have a right to apply to the Information Commissioner for a decision. The Information Commissioner can be contacted at:

Information Commissioner’s Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF
www.ico.org.uk
Tel: 0303 123 1113

Please remember to quote the reference number in the subject line in any future communications.

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Kind regards,

Information Governance
Legal Services
Transformation & Resources
1st Floor
Trafford Town Hall
Talbot Road
Stretford
M32 0TH
[Trafford Council request email]

 

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