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Yankee deals range from subordinated debt debuts to super long senior extensions
This year's cumulative total issuance by financial institutions outstrips 2025's levels
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades
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Weeks after re-launching its retail brand as TSB Bank, Lloyds Bank this week re-launched its benchmark senior unsecured franchise, printing two euro-denominated deals in three days after an 18 month absence from the asset class.
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Danish lender Sydbank jumped into a healthy senior unsecured market on Thursday, offering investors 80bp over mid-swaps for three year euro-denominated paper. Elsewhere, Dexia’s long-awaited government guaranteed bond hit screens. -
Lloyds Bank on Wednesday took advantage of residual demand from its well-received €1bn five year senior deal earlier in the week to price a short-dated floating rate note, which outperformed the wider market in secondary trading.
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Danish lender Sydbank was eyeing up the senior market on Wednesday, having seen both core and peripheral European issuers find success in the format on Monday and Tuesday. As the market digested supply from Lloyds Bank, CaixaBank and Santander Consumer Finance — with most deals outperforming the wider market — Sydbank mandated leads for a 3 year fixed rate deal.
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Several European borrowers launched well received senior unsecured deals and covered bonds this week making a mockery of fears over the impact of the US’s shutdown troubles. CaixaBank, Banca Popolare dell’Emilia Romagna and UBI Banca flew the flag for the periphery, while Lloyds Bank hit the senior market after an 18 month hiatus.
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Lloyds TSB printed its first senior deal in 18 months on Tuesday, taking advantage of tightening senior spreads to plot a new and tighter point on its funding curve, despite having indicated a very modest funding need for the second half of 2013.
