UK trio pounce on euro covered bonds

By Bill Thornhill
19 Sep 2019

Lloyds Bank, Virgin Money and Skipton Building Society took advantage of an improvement in market conditions since the European Central Bank’s policy meeting, and the UK Parliament’s efforts to legislate against leaving Europe without a deal, to issue a string of successful covered bonds this week.

On Monday Lloyds Bank issued a €750m 10 year at 28bp over mid-swaps, in from 32bp initially and with almost 80 investors collectively placing orders of more than €1.5bn. 

The deal was joint lead managed by LBBWLloydsSantanderUBS and UniCredit.

A banker on the deal confirmed that Lloyds ...

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