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Clydesdale launches bond to back residential loans

Clydesdale Bank has launched a £1.5bn covered bond backed by residential mortgages.

The total number of mortgage accounts in the cover pool is 14,948. The average loan to value of the loans is 63.5 per cent. Clydesdale will use money from the bond to fund its operations, including mortgage lending. Moody’s has given the bond a AAA rating.

Covered bonds are securities backed by mortgages although the key difference between these bonds and residential mortgage-backed securities is that the originator keeps the loans on their balance sheet.

Chadney Bulgin mortgage partner Jonathan Clark says: “Clydesdale operates in areas of the market that other lenders do not, so it is good that it can secure this sort of funding.”

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