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6 March 2018

USS completes investment in Yorkshire Water inflation-linked swaps

Universities Superannuation Scheme Limited (USS) has participated in a follow-on acquisition of Yorkshire Water’s inflation linked notes backed by Yorkshire Water inflation swap cash flows. These Notes have been issued by an SPV, Aysgarth Finance.

Ben Levenstein, Head of Private Credit, Private Markets Group at USS Investment Management, said:

“We are delighted to have completed this transaction with Yorkshire Water. The investment generates high-quality, long-term, inflation-linked cashflows which closely align with USS’s investment strategy to ensure secure, long-term returns for the scheme and its members. This follow-on investment further demonstrates USS’s ability to structure, flexible and innovative, inflation-linked financing solutions.”

Adrian Hunt, Group Treasurer for Yorkshire Water said:

“Yorkshire Water was delighted to carry out a second such transaction with USS. The expertise and professionalism that USS brought to bear to the transaction made completion and execution straightforward, delivering an important transaction for Yorkshire Water in the run-up to the PR19 price review and building on the strong relationship that the company has with USS.”