Lloyds nails fair value for AT1 despite uncertainty over UK leadership

Tyler Davies

June 13, 2019 01:00 pm

Boris_Johnson_PA_230x150_130619 — RETRANSMITTED AMENDING LOCATION Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London. | Stefan Rousseau/PA Wire/PA Images

Lloyds Banking Group found room to tighten pricing by 50bp for a new additional tier one (AT1) this week, though investors are having to second guess what a new prime minister in the UK might mean for the country’s approach to Brexit. At the same time Barclays added to its recent activity in the subordinated bond market, opening books on a tier two on Thursday.

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Tyler Davies