Lloyds Bank

Platform Housing Group, a UK social housing company, has mandated for a long term sterling benchmark trade, with the company borrowing as it takes on a major development plan.

Lok'nStore, the UK self-storage company, has activated a clause on its £75m revolving credit facility to extend the deal by another year, as UK loans bankers say there has been a flurry of smaller sterling deals in recent weeks.

Coventry Building Society (CBS) is racing to price Economic Master Issuer 2020–1, with the help of arrangers HSBC and Lloyds, to meet the huge demand for the deal, which is a hybrid between a master trust structure and a standalone RMBS — the first of its kind. The transaction, set to herald the next step in master issuer structures, is an innovation which could open the door to more financial institutions committing to long-term RMBS programmes, writes Tom Brown.

Fitch played down fears about the impact of payment holidays on UK covered bond pools this week, arguing that high credit quality would offer a strong line of defence against defaults.

UK home emergency and repair company Homeserve has entered the US private placement market, according to sources, looking for at least £125m.

Lloyds Banking Group has appointed Centerview’s Robin Budenberg as its next chair, while chief executive António Horta-Osório is set to leave the firm next year.

Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value.

National Grid Electricity Transmission, the UK power transmission company, was out with a dual tranche trade on Thursday, including the first test of the conventional sterling benchmark market in more than a month.

Lloyds Bank Corporate Markets seized the opportunity to raise senior funding in sterling on Tuesday, with the market back in 'extremely good shape' after several days of volatility. It is expected to be followed in the currency by Legal & General Group and Virgin Money, which have each announced strategic transactions this week.

Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.

Lloyds Banking Group has become the latest financial institution to extend the life of an additional tier one capital instrument (AT1), after arguing on Friday that it would be "uneconomic" for it to refinance its €750m 6.375% notes amid the stress of the coronavirus pandemic.

Italy’s Ferrari in euros and the UK’s Southern Water Services in sterling won strong demand for new bonds on Wednesday, but the slowdown in issuance has got some syndicate officials wondering if the market is already winding down for summer.