Skipton scores solid Sonia success as UK banks hit covereds

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By Bill Thornhill
20 Mar 2019

Skipton Building Society took advantage of a strong credit market and brief hiatus in the quickly evolving and politically chaotic backdrop to Brexit to issue a £600m five year Sonia linked covered bond. The deal was more heavily subscribed and attracted a broader range of investors than any of its previous deals, yet was priced with little or no new issue premium.

Skipton Building Society attracted demand of more than £1.4bn for its February 2024, which was priced at 68bp over Sonia from 75bp initially and an interim spread of 70bp plus or minus 2bp.

The Aaa/—/AAA rated deal was jointly led by Credit Suisse,Lloyds Bank, ...

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