Business Services Industry
Mortgage Lender HBOS Launches First Ever UK Covered Bond.
Knight Ridder/Tribune Business News, July, 2003
Sunday Business, London Knight Ridder/Tribune Business News
Jul. 20--The high point of the week came from HBOS which launched the first ever UK covered bond on Wednesday.
More than 200 investors registered enthusiastic demand for the deal. Any buy-side doubts about admitting the mortgage backed deal into the privileged club of European covered bonds -- given that the UK has no covered bond law and the deal relies on securitisation technology -- were swept away by the clarity of the structure and its triple-A ratings from all three agencies. Citigroup, Dresdner Kleinwort Wasserstein and Goldman Sachs brought in Eu4.8 billion of orders and priced the seven year deal at the top end of HBOS's target range of Eu2 billion-Eu3 billion -- and at 10bp...
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