Company history


The Local Government Association (“LGA”) established the UK Muncipal Bonds Agency in June 2014 and subsequently 56 local authorities became shareholders.

Managed Services

Following a lengthy period of gestation, in the summer of 2019 the UKMBA undertook a review of its operations and offer to local authorities.  This review led to the appointment of PFM Financial Advisors LLC (“PFM”), a US company based in Philadelphia, as managed service provider to the Agency. PFM acts for the Agency in most day-to-day matters and delivers the Agency’s operations and financing function.

The Local Government Association took over the “client function” on behalf of the UK Muncipal Bonds Agency i.e. it manages the contract between the UK Municipal Bonds Agency plc and PFM.  The LGA also provides back office services, such as IT, and the company secretariat to the UK Municipal Bonds Agency.

Innaugural Bond Issue

On 5 March 2020, the UK Municipal Bonds Agency completed its innaugural bond issue on behalf of Lancashire County Council. The issue totalled £350 million and was a 5-year ‘Floating Rate Note’ issued at a significant discount to the rates offered by the Public Works Loan Board.

Before costs, Lancashire saved 0.81 per cent over the PWLB 3-month variable rate and the equivalent of a 1.08 per cent over the PWLB’s 5-year Certainty Rate for a maturity loan.

Supplementary Documentation