Sterling covered bond supply continues to flow

By Bill Thornhill
12 Jan 2017

The enduring nature of sterling covered bonds was underscored again this week with deals issued by Lloyds Bank and BayernLB taking this year’s total in the UK currency to six.

Lloyds Bank became the first UK issuer to tap the sterling floating rate covered bond market this year when launched a three year on Monday. And on Thursday BayernLB issued its first sterling Pfandbrief with an attractive spread ensuring a high oversubscription.

The UK bank went ...

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