Lloyds out with rare UK SME securitisation
Lloyds is preparing price a Sandown Gold SME loan securitisation next week but will not be offering a euro tranche like last year, with the prohibitive cost of swapping back into sterling understood to be a factor.
The UK bank is only offering the triple-A rated £825m A tranche, which has a 4.4 year weighted average life. The Aa2 rated B tranche and the Baa2 rated C tranche will not be sold. The D tranche, worth £144.5m, has not been rated and will provide credit
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