Lloyds Bank

UK bank trio stands out in heavy Yankee onslaught either side of Fed meeting

◆ Sterling covered bond follows AT1 and senior deals in US dollars ◆ Latest trade is the tightest Sonia covered of 2025 ◆ Comes amid visible recent performance in the asset class

◆ Barclays raises €1.75bn in dual tranche senior ... ◆ and issues Singapore dollar AT1 ◆ Lloyds pulls $9bn of orders for US dollar AT1

US bank is eager to grow in this field

◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years

Deputy treasurer to leave bank after 37 years

◆ Yankee banks top up regulatory capital ◆ Brown & Brown fund $10bn acquisition ◆ Investors hunt for yield

◆ New deals expected to encourage other borrowers into euros and sterling ◆ Tight funder DNB shows spreads still a touch wider than pre-tariff volatility ◆ Lloyds' home foray underlines improved relative funding cost in sterling

◆ UK bank has euro sub market to itself ◆ New NIP range established ◆ More capital trades said to be in pipeline

◆ Another UK name ventures into euros ◆ Market 'healthy' as credit spreads linger near lows ◆ Premiums paid on both deals

◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?

◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN