Covered Bond: Barclays Bank

Issuer: Barclays Bank
Issue date: Sept 29, 2009
Size: €2 billion
Ratings: AAA (Fitch, Moody’s, S&P)
Maturity: Oct 7, 2019
Coupon: 4% (mid-swaps plus 60bp)

Bookrunners: Barclays Capital, Caja Madrid, Calyon, Commerzbank, Danske Bank, Unicredit

While their peers in the eurozone benefited from the European Central Bank’s €60 billion covered bond purchase programme, for UK banks the covered bond market had been a closed door since the onset of the financial crisis in the second half of 2007. But after an