Covered Bonds


Our covered bonds are bonds issued by TSB and backed by a pool of mortgages. The covered bond programme further enables TSB to meet its funding needs. Investors in the covered bonds will have dual recourse to both TSB and the mortgage pool. This provides additional assurance that the underlying payment obligations will be met either by TSB or using the cashflows from the mortgage pool.

By accessing this site and the information contained herein, you agree that you are bound by the terms and conditions.

The Financial Conduct Authority Regulated Covered Bonds Register can be accessed by following this link FCA RCB Register.

To request access to key transaction documents and loan level data for the covered bond programme please follow this link Covered Bond Transaction Documents.

Transaction Issue Date Amount Maturity ISIN  
Series 2019-1 15/02/2019 GBP £750m 15/02/2024 XS1951430138 Final Terms Tranche 1

Final Terms Tranche 2
Series 2017-1 07/12/2017 GBP £500m 07/12/2022 XS1729158508 Amended and Restated Final Terms

Nothing on this page or this Website (i) constitutes an offer to sell, or a solicitation of an offer to buy, any securities from any person in any jurisdiction, or (ii) constitutes or forms part of any offering document for any security. The funding programmes referred on this Website involve securities that have not been and will not be registered under the U.S. Securities Act of 1933, amended (the “Securities Act”), and include securities in bearer form that are subject to U.S. tax law requirements. Such securities may not be offered sold or delivered in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act and Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. Persons accessing this Website are required to inform themselves about and to observe all applicable securities and other laws and regulations in the jurisdictions in which they are resident, located and/or organised.