Abbey to issue dollar bonds

London, May 4 (Bloomberg) Abbey National, the UK's second largest mortgage lender, said it plans to...

London, May 4 (Bloomberg) Abbey National, the UK's second largest mortgage lender, said it plans to sell as much as £2.2bn of mortgage-backed bonds denominated in dollars and euros to help save money on lending. The bonds, to be issued by a special purpose vehicle called Holmes Financing (No. 3) Plc, will be composed of nine parts with ratings from "AAA" to "BB," Gareth Jones, managing director of wholesale banking, said in an interview. Raising money through bond sales reduces Abbey National's dependence on retail banking, which is becoming more expensive as rivals boost savings account...