AXA, Lloyds tap into demand for unguaranteed
Lloyds Banking Group and AXA showed the renewed strength of the unguaranteed bank bond market this week with large and tightly priced new deals. Insurance company AXA sold a Eu1bn January 2015 bond on Monday at 145bp over swaps that attracted an order book of Eu4.5bn in just 10 minutes. And Lloyds managed to bring its seven year Eu2bn deal at mid-swaps plus 310bp — longer, bigger and tighter than Royal Bank of Scotland’s recent unguaranteed deal. Read EuroWeek on Friday for more.
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