Feeding frenzy fuels record demand for YBS covered bond

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Covered Bonds

Feeding frenzy fuels record demand for YBS covered bond

Bill Thornhill
April 30, 2019 12:45 PM
Yorkshire_Building_Society_PA_230x150_090419
Embargoed to 0001 Wednesday November 20 Signage at the head quarters of Yorkshire building society as the major building society has unleashed a flood of new 5\% mortgage deals on to the market which undercut products being offered by the Government's flagship Help to Buy Scheme. | Lynne Cameron/PA Archive/PA Images

Yorkshire Building Society issued the most popular euro covered bond of any UK bank ever on Tuesday. Scant UK supply, a popular choice of tenor and a rare double digit premium over mid-swaps, amid negative yields, were key in driving demand.

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