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A&O Shearman advises The Co-operative Bank on return to covered bond market after 13-year absence
Published Date
Jul 5, 2024
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A&O Shearman has advised The Co-operative Bank on the restructuring of its covered bond programme and a subsequent GBP500 million issuance. This is the first issuance by Co-operative Bank under its UK covered bond programme since 2011.
Not only did the transaction mark Co-operative Bank’s first covered bond issuance in 13 years but it marks their first asset-backed transaction since 2019.
A&O Shearman partner Daniel Hill said: “it has been a pleasure to assist Co-operative Bank’s team on the restructuring of their covered bond programme and the subsequent issuance. This transaction marks the successful and welcome return of Co-operative Bank as an active covered bond issuer and underscores A&O Shearman as the pre-eminent adviser in relation to UK covered bonds.”
The A&O Shearman team was led by Daniel Hill, partner, Graeme MacDonald, senior associate and Helen Stephen, associate.
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