Scottish Bank Closes First Covered Bond Deal

21 Oct 2008

Scotland’s Cydesdale Bank has closed its first covered bond transaction, worth £1.8 billion ($3 billion).

--Cristina Pittelli

Scotland’s Cydesdale Bank has closed its first covered bond transaction, worth £1.8 billion ($3 billion). The issuance comes from a €9 billion ($11.8 billion) covered bond platform, where future issuances may potentially be dominated in either currency.

The asset pool comprises more that 19,000 residential mortgage loans throughout ...

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