Lloyds Bank

◆ 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

◆ New week starts with UK banks painting a 'good and rosy picture' for AT1 sales ◆ Lloyds offers the year's first sterling AT1 ◆ HSBC moves towards sub-7% mark in dollars

Jeavon Lolay, Head of Market InsightsNiall Coakley, Co-head, Corporate Financing and Risk Management

UK lender adds to Yankee invasion as domestic trio go super long

Anthony Bryson, CEO, Lloyds Bank Capital Markets Wertpapierhandelsbank, FrankfurtWilliam Mansfield, CEO & Country Head, Lloyds Bank North America, New York

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening

Trade receivables securitisation, receivables purchase, and invoice financing are powerful funding tools that open up new avenues for efficiency.