A&L, B&B funded, sing retail’s praises

Alliance & Leicester and Bradford & Bingley released trading updates today (Thursday) that showed they have both covered their funding needs well into next year, when they will be placing greater emphasis on winning retail deposits. Such statements, along with news that UK houses prices experienced their biggest monthly fall in 12 years and Bank of England data showing mortgage approvals down 31% on a year earlier, should further dampen forecasts for UK covered bond issuance in 2008.