NRAM, formerly Northern Rock Asset Management, today (Friday) gained approval from holders of its last two outstanding covered bonds to redeem the issues early and thereby close out its covered bond programme.

After a similar successful exercise launched in respect of another issue at the end of March, the UK institution on 16 June moved to repurchase and cancel Eu1.75bn (£1.26bn) March 2017 and $1.5bn (Eu1.34bn, £965bn) June 2017 issues.

It has now announced that Eu1,395.396m and $1,293.486m, respectively, of the outstandings were validly tendered and that at meetings today extraordinary resolutions allowing for the early redemption of each bond were approved, with 99.996% and 100% of those represented in favour. Settlement of tendered bonds and redemption will be on Monday, while related agreements will be terminated.

Citi and HSBC are the dealer managers.