The UK's municipal bond agency, set up in 2014 to boost local councils' use of the debt capital markets to raise money, hopes to issue its first bond within weeks.
The agency, which pools councils' borrowing by allowing them to guarantee one another's debts, was rated Aa3 by Moody's earlier this month. It has appointed HSBC to run a private placement of its first bond, which is being billed as a "proof of concept".
