Virgin Money sold its debut covered bond on Friday. The deal was well subscribed but it attracted much less demand than two earlier Sonia-linked trades this week, reflecting weakening sentiment among investors.
Virgin Money had taken its debut covered bond on a roadshow in the UK before opening books on Friday.
The Aaa/—/AAA rated five year sterling benchmark deal was announced with initial guidance of 75bp area over Sonia.
Joint leads BNP Paribas
, Lloyds Bank