Bradford & Bingley is successfully concluding a liability management exercise to close out two covered bonds after having tendered for a euro and a Swiss franc issue and at the same time sought approval to allow any bonds not tendered to be redeemed early.

For a Eu1.25bn (£975m at today’s exchange rate) series 14 issue, investors tendered Eu973.8m of Eu1.09865bn that was outstanding, while the proposals were passed with a 99.52% approval rate at a meeting held yesterday (Tuesday). For a Sfr250m (£180m) series 7 issue, investors tendered Sfr198.81m of Sfr228.75m that was outstanding, with a 96.13% approval rate yesterday.

B&B is understood to now have only two covered bonds outstanding that mature in May and June.

Read our previous coverage for more.