Lloyds out with rare UK SME securitisation

16 Mar 2012

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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