Barclays and Danske take £2bn from sterling investors

By Jonathan Algar
11 Sep 2014

The covered bond market for sterling FRNs picked up on Monday as Barclays priced the largest ever deal in the currency and Danske Bank priced a benchmark. The two borrowers follow Nordea Eiendomskreditt, which attracted robust demand last week.

After a two month hiatus Nordea reopened the sterling FRN market last week, pricing a £500m deal at 19bp over three month Libor on a book that was twice subscribed. It was the fourth issuer to have launched a three year sterling FRN this year.

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