UK issuers eschew euro covered bonds, despite a firmer bid

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By Bill Thornhill
12 Mar 2019

UK covered bonds have begun to perform in the secondary market, with investors spying opportunities to pick-up good relative value and sound fundamental protection. But UK issuers have been notable for their absence in euros this year due to continuing uncertainty around the outcome of Brexit.

The last euro-denominated deal issued by a UK institution was seen on September 25, when Skipton Building Society launched a €500m October 2023 at 16bp over mid-swaps.

Uncertainty about the outcome of Brexit has weighed in since then and UK five year covered bonds like Skipton's widened ...

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