Lloyds follows UBS into dollars as spreads underperform in Europe

By David Freitas
08 Aug 2019

Lloyds Bank dipped into dollars for senior funding on Wednesday, a day after UBS launched a deal in the same currency. A syndicate official noted that European financial institutions are being tempted across the Atlantic amid more inhospitable conditions in the euro market this summer.

Lead managers Citi, JP Morgan, Lloyds Securities and Wells Fargo started off with price thoughts in the 95bp area over US Treasuries for the three year fixed rate senior bond on Wednesday.

They was later able to tighten the spread into a final level of 85bp, setting ...

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