In early November, Essenhyp sold $1.25 billion of five-year bonds, via Bear Stearns, Dresdner Kleinwort and Goldman Sachs, and got 55% to US investors. Previously all borrowers, including Depfa, that had tried the dollar global or 144a route had failed to get a majority of the paper to the US.
All of these previous explorations were covered bonds backed by public sector loans. Until HBOS, no bank had attempted to sell a covered bond backed by residential mortgages into the US.
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