Trio shows growing stature of UK covered bonds

01 Sep 2011

UK covered bonds have always enjoyed investor interest because of the pick-up they offer versus core European paper. But there were signs this week that the eurozone crisis has elevated their standing further as Barclays and RBS printed the two largest deals since the covered bond market re-opened. Abbey National followed them on Thursday to make it three UK deals in as many days.

Barclays launched its third euro benchmark of 2011 on Tuesday through leads Barclays, Banca IMI, BBVA, BNP Paribas, Citi and Danske Bank. After securing a book of €2.2bn from 106 accounts for the three year offering, leads printed €2bn of notes in line with guidance of 52bp over ...

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