Dollars shine in new Lloyds cards deal

02 Jun 2011

Lloyds Banking Group has launched a new credit card ABS from its Penarth master trust, featuring a provisional dollar tranche of $750m — against only £150m in sterling. The leads will price the deal later on Thursday.

Lloyds has tightened pricing on the 1.94 year dollar tranche from guidance of 70bp over one month Libor to 65bp, while the 3.94 year sterling tranche will have a coupon of 100bp over one month sterling Libor.

Lloyds Bank Corporate Markets are leads on both tranches, and Bank ...

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