U.K.-based Clydesdale Bank is planning to issue new covered bonds from its regulated covered bond program.

Both Moody's Investors Service andFitch Ratings assigned triple-A ratings to the 2012 Series 1 deal.

Under the program, Clydesdale can periodically issue covered bonds of up to €10 billion ($12.4 billion) secured on a dynamic pool of residential mortgages.

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