Leeds goes long in sterling re-opener

Leeds Building Society is selling the first sterling covered bond from a UK issuer in four years, a £250m 10 year deal that is set to be priced at 175bp over mid-swaps via Barclays Capital and HSBC. The transaction also marks the issuer’s public covered bond debut and is the first sterling covered bond from a UK issuer since the Financial Services Authority introduced the Regulated Covered Bond framework in 2008. Read EuroWeek to find out about the motivation for the building society’s move and whether it could herald further sterling supply.