Lloyds Bank

Charlie Nunn, HSBC's global chief executive for wealth and personal banking, has been appointed as the next chief executive of Lloyds Banking Group.

TenneT, the Dutch transmission system operator, brought a dual tranche bond on Monday that was bang on trend as far as investors were concerned. The company's shrewd choice of a long dated green bond allowed it to increase the deal while printing it flat to or just through fair value.

Lloyds Bank is offering investors the chance to trade in several of its legacy tier one and tier two capital instruments in exchange for a new 15 year tier two note.

Toyota Motor Credit Corp, the Japanese car finance company, opened books for a £500m six year bond on Thursday, as syndicate bankers said next week’s new issue market would be busy.

Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.

Lloyds Bank has amended the terms of its consent solicitation for two of its additional tier one (AT1) notes, after failing to reach a quorum at its first bondholder meeting. It now plans to use a different spread methodology to calculate the switch over from Libor to Sonia.

FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.

Pension Insurance Corporation (PIC) sold its second tier two trade of the year, raising £400m with what some investors saw as an opportunistic move.

Europe’s high grade primary market chugged on with a handful of trades on Wednesday, but syndicate bankers acknowledge that supply looks to be muted in what should usually be a hectic period.

LBBW struggled to get going with a new green bond in the sterling market this week. It had to settle on a final spread at the wide end of its initial price thoughts.

Nationwide Building Society is buying back £2bn of covered bonds in euros and sterling. UK covered bond issuers are buying back securities as risks increase ahead of the end of the Brexit transition period.

HSBC Holdings is issuing a new senior bond while offering to buy back some of its existing securities, less a month after completing a very similar liability management exercise in the dollar market.