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Coventry issuing covered bond

Coventry Building Society is making its first move into the covered bond market with a 1.5bn five-year covered bond.

It is believed that Cheshire Building Society is also considering a covered bond. A spokeswoman admitted it has funding plans in place but would not comment on whether this includes a covered bond.

Homefunding chief executive Tony Ward says many societies have started to look at covered bonds. He says: “It is not risky for societies, it is just a way of raising debt. As long as lenders have the capability and systems to do it, I think a lot more will look at covered bonds.”

Ward believes it takes around three months for a society to launch its first covered bond.

A Coventry spokeswoman says: “The society, which is strongly retail funded and has the lowest wholesale funding ratio of the top 10 building societies, has launched its covered bond programme to enable greater diversification of funding as well as access to cost-effective long-term funds.”

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