Retail fever rages on with Lloyds, StanChart, Fortis
Yet more retail-targeted deals are coming in the financial institutions subordinated debt market. Lloyds TSB and Standard Chartered hope to price perpetual non-call five year issues this week. Lloyds opened the books for its euro/eurodollar issue on Tuesday with guidance at 8%, while Standard Chartered is marketing its dollar deal at 8.5% area. Fortis is also rumoured to be in the starting gates in euros. Fortis, Merrill Lynch and Morgan Stanley are on the top line. To take the temperature of the retail fever, read EuroWeek on Friday.
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