The latest public finance initiative funding for UK defence ministry accommodation is Aspire Defence Finance plc, which was launched in late March, via Citigroup and HSBC. The £1.8 billion ($3.14 billion) transaction involves two series of monoline insurance-wrapped fixed-rate notes – series A wrapped by Ambac and series B by MBIA. The triple underlying credit is rated BBB/Baa3.
Volumes of monoline-backed paper in Europe have fallen steadily in recent years as investors (searching for yield) have become comfortable taking on risk without a guarantee.
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