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Aberdeen City Council

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Aberdeen City Council Municipal Journal Achievement Awards 2017 Innovation in Finance Award Submission 1 Summary: Aberdeen City Council has an ambitious capital investment programme to enhance the economic wealth of the region which required a Treasury Strategy that was diversified and dynamic. It was considered the most appropriate way to proceed was to issue a public bond on the London Stock Exchange. The bond issuance was successful and ended up over-subscribed on launch-day, with the book being closed at £370m. As the bond issue was priced ‘above- par’, the Council received c£415m on settlement day. Aberdeen City Council became the first Scottish Local Authority to achieve a public credit rating at Aa2 by Moody’s Investors Service. 2 Bond Investment for City of Aberdeen: The Council has embarked upon an ambitious capital investment programme to deliver and enhance the economic diversity of the region. This was further supplemented through the Economic and Regional Strategy, City Region Deal and City Centre Masterplan all of which required a Treasury Strategy that was diversified and dynamic. The addition of a new Aberdeen Arena and Conference Centre resulted in a total capital investment of almost £1 billion over the next 5 years with a borrowing requirement of more than £500 million. As such the treasury portfolio needed to examine the opportunities of including debt products that provided the underlying strategy with diversification as well as flexibility within the portfolio and also complemented the underlying debt maturity profile. With this in mind, the existing debt maturity profile and asset classes were examined and are reflected below: Current Maturity Profile £60,000,000 £50,000,000 £40,000,000 £30,000,000 VALUE OF PRINCIPALOF VALUE £20,000,000 £10,000,000 £0 FINANCIAL YEAR PWLB - maturity Market Temporary Borrowing 3 As can be seen from the above it was clear that there was scope to deliver alternative competitively priced instruments available within the capital debt markets to support the investment within its diverse asset base including: Aberdeen Exhibition and Conference Centre (£383m). The Aberdeen Western Peripheral Route (£75m). The new Lochside Academy (£48m). The delivery of new housing (£2m) through a 50:50 partnership vehicle delivering 1,000 affordable homes. The Energy from Waste project (£61m) waste disposal solution and Heat Network. Art Gallery Redevelopment (£30m) City Centre Regeneration (£28m) It was considered the most appropriate way to proceed was to commence a project to progress the issuance of a public bond on the London Stock Exchange. Aberdeen City Council became the first Scottish Local Authority to achieve a public credit rating. The Council was rated at Aa2 by Moody’s Investors Service, which is just one notch below the UK sovereign rating. The credit rating was part of an exercise to gain access to the debt capital markets which offer the opportunity for lower cost borrowing to fund the Council’s future capital programmes. The Bond would allow the debt profile to be better aligned with the nature of underlying cash flows, as compared to traditional PWLB fixed rate funding, and will allow ACC to ensure funding and reduce reliance on borrowing from Government. The bond issuance was successful and ended up over-subscribed on launch-day, with the book being closed at £370m. As the bond issue was priced ‘above-par’, the Council received c£415m on settlement day. To facilitate the process of obtaining a credit rating it was necessary for the Council to examine the “traditional” treasury management policy that Council’s operate under. As such this required the Council to consider its policy on liquidity, counter party list, long term prudential indicators as well as its short to medium term investment and borrowing strategy. The ultimate objective was to access the wider capital debt markets to products that had not traditionally been utilised to fund the wider capital investment requirements to deliver its asset management strategy and regeneration of the city centre. This was successfully achieved through the issuance of an index linked Bond listed on the London Stock Exchange and the achievement of a credit rating. The underlying initiative was to underpin the asset management’s strategy over the next 5 years capital investment was ultimately to seek to issue a bond. The journey to issuing the bond required a number of steps laid out below: Develop a wider and more comprehensive Treasury Management Strategy; Forecast a 35-year financial model (Income and Expenditure, Balance Sheet and Cash Flow); Appointment of Sole Book Runner and Issuer (HSBC plc) as well as other key professional advisors; 4 Presentation and interrogation of the council’s financial and economic factors to the credit rating agency; Achievement of a credit rating; Investor Presentations (over 3 days in Edinburgh and London); Pricing of the Bond; Bond Issuance. While the above provides a high level timetable the whole process took almost 6 months from conception to execution, the immediate challenge to deliver this project was to identify a project team with suitable skills and to begin putting the appropriate governance arrangements in place. The project team consisted of 6 primary roles and was sponsored by the Chief Executive. During the process other staff contributed to the project on specific work streams such as economic data analysis, financial modelling and legal implications. The project team executed the various work streams outlined above in relation to the credit rating assessment which required the collation and submission of over 50 separate documents, the collation of economic data, and the production of a 35 year financial model which included the projected Income and Expenditure Account, Balance Sheet, Cash Flow Statement and Prudential Indicators. The financial data indicated above also had to reflect the focus placed on the financial assessment of the credit rating. This credit rating will need to be maintained going forward and the screenshot below shows the credit assessment received. One of the other key tasks of the project team was to appoint and work alongside a number of external organisations to implement the execution phase of the project. Working within the capital debt markets does require an understanding of both the legal and regulatory framework (which hadn’t been considered before within Local Government in Scotland) and the need to appoint the following advisors: 5 - Financial Advisors to help produce financial strategies and models; - Legal Advisors to the Council; - Legal Advisors to the Bond Holders; - Sole Book Runner and Advisor; - Bond Trustee and Calculation Agent. The project team liaised closely with the advisors and produced detailed timelines and action plans to ensure that adequate resources would be available to hit key decision making points and ensuring that the project continued to prevent slippage against the key milestones contained within the project plan. Finally, one of the most critical pieces of planning required by the project team was to gain cross party political support for the whole process. The team worked with all the individual political groups talking them through the details of the Bond and what t would mean. This culminated in a unanimous vote in favour of issuing the Bond that was seen as one of the most critical elements in the successful delivery of the project by the team. The issuance of the Bond made a huge impact in delivering strategic and financial value to the Council. Its priorities are set out within its 5-year business and capital investment plan – “Aberdeen: the Smarter City” which aligns and demonstrates its commitment to: - Digital Infrastructure; - Educational Attainment; - Jobs/economic development; - Affordable social housing; - Recycling, carbon management and sustainable transport. In issuing the Bond the Council has a statutory requirement to deliver best value and ensure the long-term affordability of its capital investment programme. To this end a 35-year model was constructed (which included Prudential Indicators for the same period) and a rigorous analysis of the funding options to ensure the Bond did indeed demonstrate best value. The funding secured through the Bond achieved added financial value by: - Generating lower cost capital investment; - Diversifying the borrowing portfolio; - Enhancing and complementing the debt maturity portfolio; - Providing a “holiday” period that matches the cash flow to capital investment funding required. The graph below illustrates the complementary nature which the Bond brought to the Council’s debt maturity portfolio: 6 With market rates varying daily the initial recommended financing solution was an index linked public bond providing the optimal solution as: - It delivers the lowest net present cost of debt service over the terms of the finance; - It provides a better inflation hedge with project income than the next best option (PWLB), given project income is generally expected to rise with inflation over time; - It provides an ability to provide debt service to meet the cash flows of the capital programmes thereby offering flexibility that is not possible using PWLB; - A public Bond can be traded in the secondary bond market thereby potentially offering the Council the opportunity to “buy back” its own issued bonds at a point in the future. Any future sale of the bond has no impact on the cost to the Council as this is fixed; - This solution also means that the repayment of the bond will not start until 2019 thereby offering the council the additional benefit of deferring repayment (in line with private sector construction) during a period of austerity that the Council is likely to face over the next few years which means this solution provides all round better financial resilience for the Council; and - When compared with the original financing solution, the net present value of the cash flows associated with the bond offers potential savings to the Council of up to £99.8m over the 35-year lifespan of the instrument.
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