Covered primary pace slows as Lloyds issues first Sonia FIG trade

Lloyds Bank found strong demand for the first Sonia-linked sterling transaction from a financial institution. Meanwhile the euro covered bond market ground to a standstill with just Wüstenrot Bausparkasse mandating leads for a sub-benchmark deal.

  • By Bill Thornhill
  • 05 Sep 2018
After mandating Lloyds Bank Corporate Markets, HSBC, RBC Capital Markets and TD Securities on Monday, Lloyds Bank opened order books for the first ever Sonia linked deal from a financial institution on Wednesday at 45bp over area, which equated to 29bp over three month ...

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