Coventry mandates HSBC, Lloyds for first UK master issuer since 2008

Coventry_Cathedral_AdobeStock_575x375_22July20
By Tom Brown
22 Jul 2020

Coventry Building Society (CBS) has mandated HSBC and Lloyds to arrange its first issuance from Economic Master Issuer 2020-1, the first UK master trust structure set up since 2008. Books are building for the deal with initial price thoughts (IPTs) guiding the senior tranche in the low 50bps.

Unlike previous master trust structures, Economic Master Issuer 2020-1 has just a single special purpose vehicle (SPV) and has removed the trust entirely from the structure in a transformative move which could open up the door for other building societies to follow suit.

A £1.15bn provisional portfolio of ...

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