Valiant has issued a first tranche of CHF 20 million in covered bonds under its new programme. These mortgage-backed bonds pay a coupon of 0.45%, have a term of 1.022 years and should receive Moody’s highest possible rating of Aaa. The bonds under this programme, which is Valiant's second, are primarily covered by Swiss residential mortgages and will help to secure Valiant's long-term funding on the capital markets.

Covered bonds are one of Valiant's three main sources of funding, alongside client deposits and central mortgage institution loans. Valiant intends to keep regularly issuing covered bonds going forward.