News
HBOS wins multiple awards at Euroweek's inaugural Covered Bond Awards
HBOS's achievements in the covered bond market were duly recognised in Euroweek's inaugural Covered Bond Award ceremony which took place on September 20th in Berlin.
Given its leading role in opening up the US investor base to covered bonds, HBOS was awarded 'Best Dollar Issue' for its $3bn 10 year benchmark in February. This type of deal did not exist a year previously and HBOS has been at the forefront of such product development. Deals such as this contributed to HBOS winning "Best Issue" and Robert Plehn, Treasury's Head of Securitisation and Covered Bonds, winning "Best Funding Official".
Euroweek's awards were determined by a poll that included banks, investors and issuers involved in the covered bond market. It was the most comprehensive and wide ranging vote ever conducted in the covered bond market and marks the growing significance of covered bonds as a crucial global asset class.
Market awards HBOS 'Most impressive financial institution borrower of the last 20 years'
On 23rd April 2007 HBOS received one of only 5 special awards given to borrowing institutions to mark Euroweek's 1000th edition. The judging panel of investment banks recognised its outstanding contribution to capital markets and awarded it this accolade. Abbey & RBS took 2nd & 3rd place respectively.
In making their decisions, the judges considered the integrity, talent, professionalism and innovation of all borrowers across the frequent issuer international bond markets including both financial institutions and public sector borrowers.
In recognising its significant achievements in the capital markets, this award highlights HBOS's rapid rise in influence and strength and its ability to compete with the best borrowers of the past 20 years.
IFR Awards 2006 - HBOS US$2bn five-year - Covered Bond of the Year
October 2006 - HBOS's inaugural US$2bn five-year covered bond was awarded IFR's Covered Bond of the Year for its ground-breaking structure, liquid benchmark size and unrivalled penetration into US institutional investors.
The near unanimous view among covered bond professionals was that the mortgage-backed markets in dollars was a closed shop for European issuers until household US mortgage lenders had first dipped their toes into the market. However, HBOS proved that this view was wrong, and that US investors were more accommodating than many had given them credit for. This was underlined by the fact that at 76%, the US take-up on its bond was larger than had been expected by the leads.
"We view this first step into the US dollar market, and in particular he 144A market, as a very important development in our covered bond programme, and we now expect to be a repeat benchmark issuer in this market," said Robert Plehn, Head of Securitisation and Covered Bonds. "We are delighted with the reception we have received from all investors, but in particularly those in the US who are purchasing residential mortgage-backed covered bonds for the first time."
