Lloyds plumbs UK insurance bid for rare 18 year
Lloyds Banking Group underlined the strength of UK insurers’ bid for covered paper with an 18 year £1.25bn bond issue this week. The deal follows Nationwide Building Society’s 15 year sterling deal a fortnight ago, which was the first test of these investors’ appetites. The strength of domestic interest could drive strong performance by UK banks in the covered bond market, said bankers.
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