Lloyds Bank
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Yorkshire Building Society paid a rare visit to the euro market on Tuesday as it offered a small premium for a €600m preferred senior deal. Bankers expect issuance to slowly dry up over the next few weeks as the market prepares for the summer break. -
Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.
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ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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Having visited the euro market last week, Nestlé has bounced quickly into sterling, finding solid demand for a £1bn dual tranche trade on Wednesday.
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ANZ was the latest name to throw its hat into the sterling subordinated ring as it ended a nine year absence from the currency with a new tier two capital issue.
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Lloyds Banking Group became the latest name to wade into a rampant subordinated sterling market this week, pricing a £500m tier two note on top of fair value.
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Europe’s high grade corporate bond market began this shortened week for issuance with an ESG focus, as Australian engineering company Worley mandated for its debut sustainability-linked bond and UK housing association Notting Hill Genesis began marketing a sustainability deal.
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HICL Infrastructure, a London-listed infrastructure investment company, has refinanced its £400m revolving credit facility, with the company shifting the benchmark to risk-free rates and adding five sustainability metrics.
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South African bank Investec is inviting Asian lenders to join a $450m sustainability-linked loan that is being syndicated globally.
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