Covered issuers pound sterling, record for Lloyds

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By Jasper Cox
03 Jan 2018

Bank of Nova Scotia and Lloyds Bank both offered covered bonds in the floating rate note format to sterling investors on Wednesday, while Stadshypotek announced a mandate for a similar deal.

Lloyds priced its three year floating rate deal at 16bp over three month Libor, from initial price thoughts in the 20bp area.

Barclays, HSBC, Lloyds and Royal Bank of Canada were bookrunners for the trade, which had a final size of £1.25bn. The order book exceeded £2bn.

It was the ...

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