Leeds Building Society breaks sterling drought with well prepared seven year; Clydesdale due
The UK’s Leeds Building Society issued the first sterling denominated covered bond for two months this week. The £250m 4.25% December 2018 was priced on Wednesday at the tight end of Gilts plus 165bp-170bp guidance through joint leads Barclays Capital and HSBC.
The deal followed the borrowers market leading 10 year which reopened the sterling market last year for domestic issuers.
"The borrower undertook investor meetings recently where the feedback was positive on the name and a worthwhile exercise to update investors," said Mark Pearce at HSBC covered bond syndication.
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