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Southern £100m Interest Rate Swaps
As part of their ongoing and proactive treasury management, Southern Housing executed £100 million of floating to fixed rate swaps to smooth out exposure to the markets at any one point in time.

Benefits to the client
Standalone swaps can be executed quickly and Southern was particularly nimble to move quickly from deciding upon a strategy to ultimately executing on that strategy. This enabled Southern to hedge its exposure to fixed rates without committing significant cost or resource. Equally, as a semi-frequent capital markets issuer, this approach allowed Southern to avoid being exposed to the yield environment at very specific points in time when issuing bonds and rather smooth out that exposure.

Newbridge role
Newbridge provided the necessary benchmarking when Southern executed the swaps with the selected counterparties. The £100m was split into two tranches with two separate counterparties and the execution was co-ordinated by Newbridge.         

Project leads

Grant Vaughan


“We work extensively with the team at Newbridge and find them extremely responsive and helpful. Despite the scope in this case being more limited, this did not impact on their ability to meet our deadlines and prioritise the transaction accordingly.”   

Steve Sharples, Director of Corporate Finance, Southern Housing


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