Lloyds TSB rides high on £750m LT2 rocket
Lloyds TSB Bank took advantage of improving spread levels in the secondary market to price a well oversubscribed £750m 15 year bullet lower tier two this week. The deal, led by BNP Paribas, JPMorgan and Lloyds CM, attracted more than £2.3bn of orders within a few hours and priced inside the 323bp-325bp whisper over Gilts at 320bp.
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