UK bond debut


The UK’s largest mortgage lender, HBOS, will this month launch the UK’s inaugural covered bond, via lead managers Citigroup, Dresdner Kleinwort Wasserstein and Goldman Sachs.

HBOS Treasury Services will launch a deal in the region of €2 billion with a maturity in the five to 10 year part of the curve. Initial spread guidance is in the 50bp–100bp range. The bond is backed by a pool of prime-quality residential mortgages and is expected to receive triple-A ratings. Bankers say that the

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