Lloyds and HBOS set to buy back own covered bonds again

By Bill Thornhill
29 May 2014

Lloyds Bank announced a tender for three short-dated covered bond deals denominated in euros and sterling on Tuesday in its second liability-management exercise in covered bonds within the past year.

Lloyds is tendering for £110m of outstanding December 2014 FRNs at a price of 100.039; €854m of outstanding 4.75% January 2015s issued by its HBOS subsidiary at a spread of flat to Bunds and €1.5bn of outstanding March 2015s issued by Lloyds, also flat to Bunds.

The issuer ...

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