TSB Bank Plc (Global Covered Bond Prog): 28 February 2017
Under this £5 billion global covered bond programme, TSB Bank plc may from time to time issue bonds denominated in any currency agreed between the Issuer and the relevant Dealer. TSB Covered Bonds LLP has guaranteed payments of interest and principal under the Covered Bonds pursuant to a guarantee which is secured over the Portfolio and its other assets. Recourse against the LLP under its guarantee is limited to the Portfolio and such assets.
TSB Bank plc is domiciled in the UK. On 9 September 2013, TSB was launched as a re-branded retail bank operating in the UK with branches across England, Scotland and Wales. As at the date of the prospectus, the Issuer is a wholly owned subsidiary of TSB Banking Group plc which in turn is wholly owned by Sabadell.