US buyers drive Lloyd’s of London debut PP

Lloyd's of London insurance reinsurance from PA 230x150
By Silas Brown
25 Nov 2019

The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.

Barclays arranged the deal for Lloyd’s, which has tranches expiring in 10, 11, 15 and 25 years. The 10 year note was sold at 177bp over Gilts, the 11 year note at Gilts plus 175bp, the 15 years at 165bp over Gilts, and the 25 years at 155bp ...

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