Virgin Money enjoys solid reception for debut covered bond

Virgin Money 230x150
By Bill Thornhill
22 Mar 2019

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, HSBC, Lloyds Bank,

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