Market Overview

Assured Guaranty Wraps Durham University Bond Issuance


c£90 million guaranteed financing for two new colleges at Durham

Assured Guaranty (Europe) plc (AGE)* announced that it has guaranteed
principal and interest payments on approximately £90 million of bonds
issued by Mount Oswald Colleges LLP. The bond issuance will finance the
construction of two new colleges designed for student residence at
Durham University (the University)**. As a result of the guarantee from
AGE*, the bonds are rated AA by S&P Global Ratings.

The 46-year inflation-linked bond, whose pricing on 14 August 2018 took
advantage of low long-term rates, was issued as a private placement into
the UK market.

Interserve will build the halls within two years, and Campus Living
Villages (CLV) will undertake facilities management services over the
project term. Equitix is the main sponsor of the project company, with
CLV as a co-sponsor. The University has a 15% stake in the project

The two new colleges financed by the bonds will provide a total of
approximately 1,000 new bedspaces for Durham students. Both colleges
will be located on campus, next to existing colleges, and are designed
to house both undergraduate and postgraduate students in a mix of
en-suite and townhouse units.

Dominic Nathan, Managing Director, AGE, commented:

"We are delighted to have closed another student accommodation financing
for such a prestigious university. Our wrapped bond solution, with long
maturities and inflation-linked debt, continues to provide an efficient
form of financing for projects of this type. The underlying demand for
Assured Guaranty wrapped paper remains strong, as investors are
attracted by the high rating we provide to the bonds and the associated
low capital charges, as well as the efficient asset-liability matching
this type of investment can provide."

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

The advisers of AGE* on the deal were Ashurst (legal adviser), Aecom
(technical adviser), Cushman & Wakefield (demand adviser) and Willis
(insurance adviser). Traderisks acted as bond lead manager.


All of the securities having been sold, 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

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.

* AGE (company number 2510099) is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. AGE provides its financial
guarantee together with a co-guarantee from its affiliate Assured
Guaranty Municipal Corp. (AGM).

Through its subsidiaries, Assured Guaranty Ltd. (AGL and,
together with its subsidiaries, Assured Guaranty) is the leading
provider of financial guarantees for principal and interest payments due
on municipal, public infrastructure and structured financings. Its
subsidiary AGM guarantees international infrastructure and U.S.
municipal bonds - and was previously named Financial Security Assurance
Inc. (FSA) before becoming an Assured Guaranty company in July 2009.
AGE, a subsidiary of AGM, is Assured Guaranty's European operating
platform. 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 Assured Guaranty's
inability to execute its strategies; the demand for Assured Guaranty's
financial guarantees; further actions that the rating agencies may take
with respect to Assured Guaranty's financial strength ratings; 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 17 August 2018. 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.

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