The Bank of New York announced today that it has been appointed as security trustee, custodian, U.S. depositary, collateral agent, and issuing and paying agent by HBOS Treasury Services plc (HBOSTS) for the Grampian Funding program.
The transaction is a $6,000,000,000 asset-backed commercial paper (ABCP) program under which Grampian Funding Limited and Grampian Funding LLC intend to offer U.S. dollar, Euro or Sterling-denominated commercial paper to European and U.S. investors. Grampian is the second ABCP program sponsored by HBOSTS.
“The Bank of New York is pleased to be providing multiple services for this program,” said Steven Hodgetts, managing director and division head of global trust services at The Bank of New York. “One of our greatest strengths is the ability to coordinate resources to fully support any type of debt transaction. In this case, our global trust professionals in both the U.S. and the UK are delivering a combination of trustee, issuing and paying agent, and custody services. This global trust team will work closely with HBOSTS to ensure a successful result.”
HBOS plc, the parent company of HBOS Treasury Services,is a leading provider of personal financial services in the United Kingdom, specializing in mortgages, savings, banking and insurance. HBOS Treasury Services plc provides centralized wholesale multi-currency funding, liquidity management and treasury services to HBOS plc.