Lloyds takes plaudits and Sfr650m amid Swiss swap rally

Lloyds TSB Bank upped the size of a Swiss franc bond, its debut, despite running into a sharp rally in swap rates that forced it to price at the wide end of guidance to maintain the fixed yield of 2.5% that it had promised investors. Bookrunners Credit Suisse and UBS priced the Sfr650m of short five year bonds at 162.3bp over mid-swaps, the wide end of the 160bp area guidance.