Swiss investors snap up Lloyds

22 Mar 2011

Lloyds TSB Bank returned to the Swiss franc market on Monday, following HSBC and Barclays into the currency and taking advantage of what bankers described as a bullish tone on Britain among Swiss investors.

The deal was a Sfr425m ($470m) three year, which leads Credit Suisse, Royal Bank of Scotland and UBS priced at 150bp over mid-swaps — 5bp-10bp inside where Lloyds TSB Bank’s debut Sfr800m deal was trading in the secondary market, but around a year shorter. One of the leads ...

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