The Bank of New York (BNY) announced today that it has been appointed by Northern Rock plc to serve as trustee and principal paying agent for its 200,000,000 7.053% Tier One Notes transaction, which was developed and is being underwritten by Barclays Capital. The transaction is tax-deductible, allowing the issue to qualify as core Tier 1 capital, beyond the 15% limit on innovative Tier 1 capital imposed by regulators. The appointment became effective on August 21, 2002.
“We look forward to working with The Bank of New York on this exciting new transaction,” says Antony Swalwell, head of capital markets at Northern Rock. “We recognize the Bank’s strengths as a provider of trustee and paying agency services and are delighted to have this opportunity to work with the Bank on this transaction.”
“Our appointment demonstrates the strength of our global trust offering and the excellent relationships the Bank has established with both Northern Rock and Barclays Capital,” says Steven Hodgetts, managing director and division head of global trust services for The Bank of New York. “The services we will provide for this transaction highlight the Bank’s ability to tailor our corporate trust offering to support our client needs.”