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Coventry BS issues €650m covered bond

Coventry Building Society has issued a €650m covered bond.

This is Coventry’s inaugural euro-denominated offering, following a sterling-denominated issue in April this year.

Initially, the building society aimed for an issue of around €500m but it says a strong response led to a final order book of €750m, although Coventry decided on a total issue €650m.

The society has recently had its ratings with Fitch and Moody’s reaffirmed at A and A3, respectively, and pre-tax profits for the first half of the year was £51.1m, up from £46.5m in the first half of last year.

Coventry finance director John Lowe says: “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.”

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