Lloyds Banking Group Top Stories-
McKay Securities moves to syndicated borrowing
The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.
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SSP returns to US PP mart with scant Brexit premium
SSP, the UK food and drinks retail operator, has sold US private placements (US PP) via Barclays and Bank of America. Pricing was similar to its PP debut last year, market participants said, which is a sign that, for the right UK credit, the market remains stable amid the Brexit storm.
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Aberdeen and Leicester unis set to raise US PP notes
The universities of Aberdeen and Leicester are marketing US private placements (US PP), it is understood, both of which willl be inaugural transactions.
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Tight Nat Grid print shows UK demand remains high
The day after the UK government mandated Teresa May to go to Brussels and renegotiate the country’s exit agreement with the European Union, the UK electricity transmission company National Grid tested investors’ appetites for UK assets and found a host of willing buyers without having to offer much of a premium.
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UK banks squeeze out rush of risk transfer trades before year-end
UK banks printed a flurry of risk transfer securitizations just before the end of last year, hedging portfolios of corporate credit and commercial real estate totalling more than $8.5bn-equivalent.
Latest market news
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McKay Securities moves to syndicated borrowing
The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.
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VW pounces for €2.75bn after carmakers rally
Europe’s most prolific corporate bond issuer re-entered the market on Monday for its second multi-tranche deal of the year, and issued €2.75bn, slightly more than at its €2.5bn outing in January. The book for Volkswagen Financial Services’ three tranche issue was somewhat smaller this time, however.
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Pipeline erupts as Lloyds, Morgan Stanley announce refi of crisis-era Dutch RMBS
Delft is issuing a €141.44m Dutch RMBS, Delft 2019 B.V., via arranger Morgan Stanley, as the primary European securitization market springs to life in the last days of the quarter.
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SSP returns to US PP mart with scant Brexit premium
SSP, the UK food and drinks retail operator, has sold US private placements (US PP) via Barclays and Bank of America. Pricing was similar to its PP debut last year, market participants said, which is a sign that, for the right UK credit, the market remains stable amid the Brexit storm.
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UK trio hit covered bonds as Brexit woes recede
Lloyds Bank and National Westminster Bank issued exceptionally well subscribed covered bonds respectively in euros and sterling on Monday as Virgin Money announced roadshow plans for its debut deal. The three borrowers took advantage of the UK Parliamentary vote to avert a ‘no deal’ Brexit.
Lloyds Banking Group In The Key League Tables
| Asset | Rank | STLY | Amount $m | No of issues | Share % | STLY Share % |
|---|---|---|---|---|---|---|
|
|
||||||
| Bookrunners of Global Structured Finance | 25 | 24 | 2,044.20 | 8 | 0.81% | 0.65% |
| Syndicated Loan Revenue - EMEA | 18 | 18 | 9.57 | 18 | 1.81% | 1.69% |
| All Sterling Bonds | 10 | 5 | 2,861.49 | 19 | 4.28% | 8.38% |
| Bookrunners of Global Covered Bonds | 16 | 21 | 2,648.75 | 11 | 2.45% | 1.71% |
| Bookrunners of Euro Denominated Covered Bond Above €500m | 19 | 30 | 994.85 | 3 | 1.71% | 0.67% |
| Bookrunners of European Structured Finance | 9 | 10 | 725.62 | 2 | 4.14% | 3.72% |
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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La Banque Postale EUR750m 1.375% Apr 29 green
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Wells Fargo EUR1bn 0.5% Apr 24
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SFIL USD1.25bn 2.625% Apr 22
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KfW USD3bn 2.375% Mar 21
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IsDB USD1.5bn 2.843% Apr 24 sukuk
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Toronto-Dominion Bank EUR1.5bn 0.375% Apr 24
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BNG EUR600m 0.875% Oct 35
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Manitoba USD1bn 2.60% Apr 24
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L-Bank USD1.5bn 2.375% Apr 21
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IADB AUD500m 1.95% Apr 24 EYE bond
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AfDB NOK500m 1.5% Apr 22 social bond, SEK1.25bn 0.375% Apr 24 green bond
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GTLK USD500m 6.125% Apr 25
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KfW EUR1bn 0.875% Jul 39
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Basque EUR600m 1.125 % Apr 29 sustainability bond
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Yorkshire Building Society GBP275m 3% Apr 25 non-preferred
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 132,387.73 | 545 | 8.30% |
| 2 | Citi | 123,981.47 | 487 | 7.78% |
| 3 | Bank of America Merrill Lynch | 105,093.26 | 413 | 6.59% |
| 4 | Barclays | 99,545.40 | 383 | 6.24% |
| 5 | HSBC | 81,053.20 | 424 | 5.08% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 11,525.35 | 30 | 7.25% |
| 2 | BNP Paribas | 8,422.96 | 46 | 5.30% |
| 3 | UniCredit | 8,389.55 | 43 | 5.28% |
| 4 | Deutsche Bank | 8,298.69 | 30 | 5.22% |
| 5 | Commerzbank Group | 7,837.68 | 40 | 4.93% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 4,425.28 | 19 | 11.23% |
| 2 | Goldman Sachs | 4,006.06 | 15 | 10.17% |
| 3 | Citi | 3,527.84 | 22 | 8.95% |
| 4 | JPMorgan | 2,809.08 | 19 | 7.13% |
| 5 | UBS | 2,241.39 | 12 | 5.69% |
