Lloyds breaks 18 month hiatus, CaixaBank hits threes

Lloyds
By Will Caiger-Smith
07 Oct 2013

Lloyds Bank returned to the senior unsecured market for the first time since last January on Monday, using its rarity value to come at a minimal premium above its secondary curve. Meanwhile, CaixaBank took advantage of a better tone in Europe’s periphery to launch a long three year deal.

Lead managers Barclays, Crédit Agricole, Lloyds and UBS went out with initial pricing thoughts of 70bp area over mid-swaps for the UK bank’s new five year on Monday morning, before setting official guidance at 65bp.

By midday London time, books had reached around €2.25bn, and the issuer was ...

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