Covered Bond Issue Underlines Strength of Coventry Building Society
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwire) -- 10/19/11 -- Coventry Building Society has secured funding of 650 million euros from European financial markets in a covered bond deal which shows the continued strength of the UK's third largest .
This was Coventry's inaugural euro-denominated covered bond offering, following a highly successful Sterling covered bond issued by the Society in April this year, and establishes the Society's profile with a high quality investor base across Europe.
The latest bond was oversubscribed, with investors giving Coventry a significant vote of confidence. Initially aiming for a minimum issue of 500 million euros, a strong response led to a final order book of 750 million Euros, allowing Coventry to eventually take 650 million euros with pricing in line with guidance.
John Lowe, Coventry Building Society's Finance Director, said. "The high demand for this bond shows that investors recognise the strength of the Coventry's financial position, underlined by the affirmation of our credit ratings at a time of widespread rating action elsewhere. The keen pricing will help us continue to deliver value to our members."
The Society, which has remained 'A' rated by both Fitch (A) and Moody's (A3) throughout the credit crisis, reported excellent results for the first half of 2011. Profit before tax increased to GBP 51.1 million (2010 first half year: GBP 46.5 million), and efficiency, judged by a cost to mean asset ratio of only 0.37%, was the best of any UK building society.
John Lowe continued. "Our excellent asset quality and ongoing profitability clearly tells investors that Coventry remains a safe bet. Our strong funding position, based on a successful retail acquisition strategy and continued access to a diverse wholesale market, provides a strong platform for further growth."
Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.
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Notes to Editors
- is the third largest building society in the UK with Group assets exceeding GBP 22.6 billion.
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Coventry Building Society
The press office
0870 607 7727
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Datum: 19.10.2011 - 00:30 Uhr
Sprache: Deutsch
News-ID 1047339
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