YBS shows resilience to Brexit with terrific covered execution

By Bill Thornhill
06 Apr 2017

Yorkshire Building Society defied concerns around the UK’s decision to leave the European Union this week, issuing a well oversubscribed covered bond that was very broadly distributed and that priced almost flat to its curve.

UK covered bonds have posted among the weakest performances of all sectors so far this year as concern that the UK government will leave Europe on unfavourable terms has led to selling pressure.

But on Monday YBS showed that investors were eager to buy UK covered bonds, despite ...

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