Coventry joins last of the UK GG issuers

08 Dec 2009

Coventry Building Society is expected to price a £500m government guaranteed three year bond later on Tuesday, making it the fourth UK building society in recent weeks to take advantage of the UK government guarantee scheme before it closes at the end of this month.

The lead managers, HSBC and Royal Bank of Scotland, will price the bonds at 8bp over mid-swaps from a £1bn order book.

“There is still demand out there for government guaranteed paper, so we had expected the deal to go well,” said a banker at one of the leads. ...

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