Runner-up: HBOS

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The launch by HBOS of a 10-year, $3 billion mortgage-backed covered bond has encouraged those who believe that there is strong potential demand in the US for this relatively new asset class. Over 80% of the issue was placed with US investors, with the deal oversubscribed so quickly that pricing was brought forward a few days to February 6. This followed a first $2 billion, five-year HBOS dollar covered bond in November, which achieved 76% US distribution. HBOS has also privately placed some

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