The Bank of New York was appointed by Barclays Bank PLC as trustee, verification agent, registrar, and paying and transfer agent for its £5 billion collateralized loan obligation (CLO), bringing BNY closer to building a corporate trust franchise in the European CLO and CDO marketplace.
Through Lambda Finance B.V., a special purpose legal entity created by Barclays, The Bank of New York will fulfill a variety of roles and service the Gracechurch Corporate Loans Series, one of the largest fully funded balance sheet collateralized loan obligations ever issued by a UK bank.
“Gracechurch Corporate Loans is the first and largest of its type we have undertaken and has been very successful,” said Peter Elcock, head of portfolio trading at Barclays Bank. “We were confident that The Bank of New York could take on a variety of important roles for this £5 billion landmark transaction.”