HSBC UK sets up new covered bond programme in ring-fenced entity

HSBC
By Bill Thornhill
29 Mar 2021

HSBC UK Bank plc has set up a UK covered bond programme which, in contrast to its previous one, sits inside its ring-fenced entity and is likely to be used for distributed issuance.

HSBC UK Bank plc has registered its covered bond programme with the Financial Conduct Authority under the UK’s Regulated Covered Bond Regulations.

Unlike its previous covered bond programme, which was wound down several years ago, this one sits alongside HSBC’s portfolio of residential mortgages within the ring-fenced UK ...

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