Clydesdale switches to sterling for long lost debut covered bond
Clydesdale Bank sold a long awaited debut benchmark covered bond on Thursday, which was originally mandated in 2010. The borrower opted to take its first step in sterling, and took advantage of demand at both ends of the curve with a well placed £1.1bn dual tranche trade.
The issuer finished a roadshow in June 2011 for an inaugural euro trade that was mandated the year before, but then decided to hold off in the face of market volatility.
"At that point the market wasnt ready for a debut trade from Clydesdale," said Lee Kelly, head of
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