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Assured Guaranty Wraps £210 Million Bond Issue for Glasgow City Council

Assured Guaranty UK Limited (AGUK)* announced that it has guaranteed principal and interest payments on a £210 million private placement issued by City Property Glasgow (Operations SL3) Ltd, a newly formed special purpose vehicle (SPV) owned by Glasgow City Council to issue the bonds. This issuance has financed a long-term sale and leaseback transaction with Glasgow City Council on certain properties owned by the council throughout the city. This is Glasgow City Council’s second sale and leaseback transaction guaranteed by AGUK, after its £195 million private placement issuance in 2019.

The 29-year fixed-rate fully amortising bond was issued on 20 February 2023 and privately placed in the capital markets. As a result of the financial guarantee provided by AGUK, the bonds are rated AA by S&P Global Ratings.

Dominic Nathan, Senior Managing Director, AGUK, commented:

"After the first successful transaction in 2019, this is our second opportunity to work with Glasgow City Council on a transaction that utilises Assured Guaranty’s financial guarantee to support a long-term funding solution, highlighting the significant benefits of a longstanding partnership with Assured Guaranty. We believe other UK councils could replicate the success of this transaction with our long-term and cost-effective wrap.”

Nick Proud, Chief Executive, AGUK, commented:

“The closing of this transaction with Glasgow City Council demonstrates how our versatile guarantee can be used to provide a tailored solution for our client repeatedly. We support our clients by understanding their needs and developing appropriate applications of our guarantees to deliver cost-efficient financing solutions that are valued by investors, who are attracted by the high rating our guarantee adds to long-term financings.”

AGUK guarantees timely payment of scheduled principal and interest to bondholders, throughout the life of the bonds, in accordance with the terms of its financial guarantee.

AGUK’s advisers on the transaction were, Shepherd and Wedderburn LLP (Legal), JLL (Valuation) and Willis Limited (Insurance).


All of the securities have been sold, and this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.

* AGUK (company number 2510099) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AGUK provides its financial guarantee together with a co-guarantee from its affiliate Assured Guaranty Municipal Corp. (AGM). Both AGUK and AGM are subsidiaries of Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty). Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets, and also provides asset management services. AGL is a publicly traded (NYSE: AGO) Bermuda-based holding company. More information on AGL and its subsidiaries can be found at

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, those resulting from changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates or general economic conditions, including the possibility of a recession; consequences of the conflict in Ukraine, including economic sanctions, fragmentation of global supply chains, volatility in energy prices, the potential for increased cyberattacks, and the risk of intentional or accidental escalation; the development, course and duration of the COVID-19 pandemic and the governmental and private actions taken in response, and the global consequences of the pandemic and such actions; Assured Guaranty’s inability to execute its strategies, including the final resolution of Assured Guaranty’s remaining Puerto Rico exposures or the amounts recovered on securities received in connection with the resolution of Puerto Rico exposures already resolved; the demand for Assured Guaranty’s financial guarantees; those risks and uncertainties resulting from changes in rating agency models or opinions; adverse developments in Assured Guaranty’s guaranteed portfolio; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of 21 February 2023. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


Investor Relations:

Robert Tucker, +1 212-339-0861

Senior Managing Director, Investor Relations and Corporate Communications


Ashweeta Durani, +1 212-408-6042

Vice President, Corporate Communications

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