Lloyds goes wide on debut
Lloyds TSB Bank had the Swiss franc market to itself on Tuesday for its debut deal, pricing Sfr650m, the largest single tranche foreign financial trade this year. The bookrunners promised investors a 2.5% yield, so when swap rates moved tighter during the day, this forced the deal to the wide end of guidance. Was Lloyds just unlucky, or did it pay up to get size? Read EuroWeek on Friday for more details.
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