City of London closes maiden US PP as green debt
The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework.
After strong demand during the placement, £250m of external debt will be issued from September. Another £200m will be raised from July 2021, according to a press release from the issuer.
The deal, issued by City’s Cash, the Corporation’s endowment fund, was run by Lloyds Bank and Santander.The proceeds ...