U.K. Building Society Wraps First Covered Bonds Deal

Skipton Building Society has structured its first covered bonds transaction, worth £750 million ($1.15 billion), under a newly-established €5 billion ($6.4 billion) program.

  • 28 Nov 2008

--Cristina Pittelli

Skipton Building Society has structured its first covered bonds transaction, worth £750 million ($1.15 billion), under a newly-established €5 billion ($6.4 billion) program. The deal, which is understood to be retained, was assigned top ratings of Aaa by both Moody’s Investors Service and Fitch Ratings.

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

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4 Bank of America Merrill Lynch 34,673.03 110 7.57%
5 Credit Suisse 29,307.78 89 6.40%