Publication of Final Terms
Paragon Banking Group PLC announced that its subsidiary, Paragon Bank PLC, has successfully issued £500,000,000 in Floating Rate Covered Bonds due September 2029 under its £5 billion Covered Bond Programme. The issuance was 1.7 times oversubscribed by various investors and priced at SONIA plus 0.50%, a margin improvement from the previous issuance. This transaction, secured against prime buy-to-let mortgages, highlights the continued strength of Paragon's corporate credit profile and its access to capital markets.
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Paragon Bank PLC ("Paragon Bank"), the banking subsidiary of Paragon Banking Group PLC ("Paragon") announces that the following Final Terms dated 13 July 2026 under the £5 billion Covered Bond Programme of Paragon Bank PLC are available for viewing.
£500,000,000 Series 2026-1 Floating Rate Covered Bonds due September 2029
Paragon Bank has today issued £500,000,000 from its £5 billion Covered Bond Programme. The Bonds were 1.7x subscribed with a variety of bank treasury and asset fund investors and priced at SONIA plus 0.50% for a maturity date to September 2029.
Commenting on the new issuance, Nigel Terrington, CEO said: "Establishing a £5 billion Covered Bond Programme in February 2025 has given Paragon access to the capital markets with great flexibility and we have executed a £500,000,000 transaction from the programme, secured against prime buy-to-let mortgages. Pricing at a 0.50% margin over SONIA, compared to 0.60% from the inaugural March 2025 issuance, demonstrates the continued strength of Paragon's corporate credit profile, which is backed by its high-quality buy-to-let mortgages, where the Group has demonstrated a 30-year unblemished track record."
The Final Terms can be viewed at: http://www.rns-pdf.londonstockexchange.com/rns/4831M_1-2026-7-15.pdf
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.