Lloyds blows out as UK and US banks reveal the new cost of doing deals

By David Freitas, Tyler Davies
25 Mar 2020

New senior bank bonds are proving attractive to investors at about 40bp-50bp or more over secondary levels, with UK issuers Lloyds and HSBC joining US peers in returning to the new issue market this week.

Lloyds was able to launch a €1.5bn six year non-call five senior trade from its holding company on Wednesday morning, backed by an impressive €8.25bn of demand.

It was joined in the euro market by Goldman Sachs, which launched a €3bn five year senior trade at 355bp ...

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