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
In response to questions 1-21, please see the attached spreadsheet:
In response to questions 22-23, we can confirm that the brokers were as follows;
MM21 Prebon Marshall Yamane (UK) Limited
MM22 Prebon Marshall Yamane (UK) Limited
MM23 Garban Securities Ltd (Butlers)
MM25 Garban Securities Ltd (Butlers)
In response to question 24, the individual fee paid is a private commercial arrangement and a disclosure of the same would prejudice any future commercial arrangements which Devon County Council may wish to undertake. Whilst we appreciate the need to be open, it is not in the public interest to prejudice the council’s commercial interests. This information is therefore exempt from disclosure pursuant to s. 43 of the Freedom of Information Act 2000.
B. Please provide copies of:
1. The original LOBO loan contracts
2. The invoices for the broker fees
Please see our response to question 24 above.