Lloyds Bank
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Europe’s corporate bond market continued to pump out deals on Wednesday, despite the equities market licking its wounds after inflation fears brought a sea of red to stock prices. -
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Issuers piled into Europe’s high grade corporate market on Wednesday but the deal flow had slowed to a dribble by Thursday with many issuers still on earnings blackouts. Investors showed less enthusiasm for the deals that came at the tightest spreads.
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Coventry Building Society paid only a small premium to issue an inaugural non-preferred senior note on Tuesday, while scoring a pre-emptive senior ratings boost during the process.
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Coventry Building Society is set to sell its inaugural non-preferred senior bond, which it will use to optimise its balance sheet ahead of a deadline for its end-state minimum requirements for own funds and eligible liabilities (MREL).
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The UK Debt Management Office has selected the banks to lead the first syndicated transaction of its 2021/2022 borrowing programme.
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Aviva has asked investors to agree to a change in the terms of three of its tier two bonds, to try and make sure they revert to spreads over Sonia rather than Libor if they live on past their first call dates.
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The short Easter week saw a timid showing of new high grade corporate issuance in the European market but investors snapped up the trades that were on screens.
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Gatwick Airport got a bulging order book for its return to the senior funding market, weeks after the UK airport got chunky demand for its debut subordinated transaction.
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Macquarie Bank ended a seven year absence from the sterling market on Wednesday morning, having postponed its comeback transaction a week earlier.
