New Issue: Willow No.2 (Ireland) PLC Dec 11
Standard & Poors, December 2011
Abstract
Standard & Poor's Ratings Services has assigned a 'A' credit rating to Willow No.2 (Ireland) PLC's series 46 notes. This transaction is a repackaging of senior unsecured notes due Dec. 8, 2031, issued by Lloyds TSB Bank PLC (A/Stable/A-1), and also a series of warrants issued by Barclays Bank PLC (A+/Stable/A-1). The warrants are linked to the Barclays Capital Strategic Allocation USD ER Index, which is managed by Union Investment. On the issue date, the special-purpose entity (SPE)-Willow No.2 (Ireland)-entered into a swap with Barclays Bank. Under the terms of the swap, the SPE pays to the swap counterparty the note issuance proceeds and receives the underlying asset. Under the swap, on the closing date the issuer paid the note...
Companies mentioned in this report are: Willow No.2 (Ireland) PLC
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Willow No.2 (Ireland) PLC
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