RNS Announcement
Paragon Banking Group PLC
24 February 2025
Paragon Bank PLC establishes
Covered Bond Programme
Paragon Bank PLC ("Paragon Bank"),
the banking subsidiary of Paragon Banking Group PLC ("Paragon")
announces that a £5 billion Covered Bond Programme ("programme"),
regulated and approved by the Financial Conduct Authority, has now
been established.
Paragon Bank will be able to issue
Bonds from the programme when market conditions are acceptable,
with a relatively short preparation and lead time.
Paragon has extensive securitisation
experience having completed 67 mortgage-backed transactions since
1987. It has a recognised and successful presence in this
sector and its experience will be beneficial when issuing and
operating the programme.
Nigel Terrington, chief executive,
said: "We are delighted to establish our first Covered Bond
programme, joining only 13 banks and building societies in the UK
already authorised as issuers. This programme is part of our
overall strategy to diversify Paragon's wholesale funding
options."
The following prospectus has been
approved by the Financial Conduct Authority and is available for
viewing:
The prospectus dated 24 February 2025 (the "Prospectus") relating to the
establishment of the £5,000,000,000 Covered Bond Programme, with
Paragon Bank PLC as the issuer.
The full document can be viewed at:
http://www.rns-pdf.londonstockexchange.com/rns/2525Y_1-2025-2-24.pdf
The Prospectus has been submitted to
the National Storage Mechanism and will shortly be available for
inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
DISCLAIMER - INTENDED ADDRESSEES
Please note that the information
contained in the Prospectus may be addressed to and/or targeted at
persons who are residents of particular countries (specified in the
Prospectus) only and is not intended for use and should not be
relied upon by any person outside these countries and/or to whom
the offer contained in the Prospectus is not addressed. Prior to
relying on the information contained in the Prospectus, you must
ascertain from the Prospectus whether or not you are one of the
intended addressees of the information contained
therein.
Your right to access this service is
conditional upon complying with the above
requirement.
