Post-LTRO buybacks continue apace with Lloyds and Bankia

20 Mar 2012

The ECB’s long term refinancing operation may have finished, but banks are still finding reasons to tender for ABS bonds. Bank of Scotland, a subsidiary of Lloyds, has offered to buy back two tranches of RMBS at par, and Spain’s Bankia has offered to buy back up to €1bn of outstanding RMBS through an auction.

Bank of Scotland has offered to buy back the £250m of Series 5 class ‘A’ bonds in Mound Financing No.4 and £300m of outstanding Pendeford 2007-1 Series 5 class ‘A’ notes. Lloyds’ wholesale banking division is managing the buyback and will use a straight offer at par, without ...

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