Westpac mimics CIBC with outstanding sterling covered bond, more to follow
Westpac this week followed Canadian Imperial Bank of Commerce in taking advantage of a glut of sterling covered bond liquidity. It issued a sizeable five year sterling covered bond which is expected to provide cheaper funding than the euro or dollar equivalent, boding well for additional supply.
Westpac opened books for a June 2022 sterling covered bond on Tuesday morning with guidance of 70bp over the 4% March 2022 Gilt.
After about 90 minutes bookrunners HSBC, Lloyds, Nomura and Westpac reported orders of more than £400m.
After four hours and with orders in excess
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