Barclays and Lloyds find Sonia success

By Bill Thornhill
09 May 2019

Barclays and Lloyds Banking Group kept the sterling covered bond market busy this week with Sonia-linked trades that drew strong demand and were priced with no new issue premium.

Barclays opened order books on Wednesday for a £500m no-grow four year Sonia-linked covered bond with initial guidance of plus 55bp area. Joint leads were ABN Amro, Barclays, Commerzbank, RBC Capital Markets, Santander and TD Securities.

After one hour, demand stood at £1bn and after ...

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