Excess Spread — Prime and punishment, straight to voicemail, seize the moment
- Owen Sanderson
Non-economic
Last week we cited an SEC filing that we thought indicated Coventry Building Society was heading to market with an Economic Master Issuer transaction. We got crossed wires; the filing was a routine update for an ongoing shelf, rather than for a specific new issue coming down the line. So apologies to Coventry, long-time shelf arranger HSBC, and to any investors that might have called them up about their incoming transaction.
EMI is indeed a regular issuer — it was in the market in January, but skipped 2022 entirely, so 2023-1 could have been a holdover given the volatile markets and rapidly closing issuance windows last year. It’s not impossible we’ll get a 2023-2 in the medium term, but I’ve no specific info and it’s certainly not imminent, so sorry for the mistake.