Lloyds adds put options on Pendeford and Mound
Lloyds Banking Group has restructured two of its master trusts, Pendeford and Mound, adding investor put options at one month after expected maturity on all outstanding notes. The restructuring meets revised counterparty criteria for S&P and Fitch and allows Bank of Scotland (the Lloyds subsidiary that sponsors the trusts) to repurchase loans from the portfolios.
Lloyds has issued extensively since the crisis from the Lloyds TSB-originated Arkle trust as well as the HBOS-originated Permanent trust. The UK bank has also done a standalone RMBS from the new Headingley programme, and other asset classes including SME CLOs, credit cards, and autos.
Permanent issues since Permanent
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