Lloyds Bank
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Northern Powergrid, a rare issuer in the UK market, issued a 40 year sterling bond on Wednesday that found a strong reception, in a week that has proved patchy for issuers in the currency. -
Lloyds Bank Corporate Markets was marketing its first senior unsecured bond in euros on Friday, taking advantage of a quiet primary market. The issue gave investors a ‘healthy’ new issue premium, according to a FIG banker.
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UK train leasing firm Porterbrook has entered the US private placement market, according to several market participants, seeking to raise debt under its sustainability programme.
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Crédit Agricole and Banque Fédérative du Cedit Mutuel had contrasting responses for preferred senior bonds in the sterling market on Wednesday, with the French banks deciding to hit the market as members of the UK parliament returned to their seats.
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Small cracks started to appear in the euro corporate bond market on Thursday, after a busy month, as companies launched a spate of deals. An already bulging pipeline means there will be little time for the market to catch its breath.
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Lloyds Bank, Virgin Money and Skipton Building Society took advantage of an improvement in market conditions since the European Central Bank’s policy meeting, and the UK Parliament’s efforts to legislate against leaving Europe without a deal, to issue a string of successful covered bonds this week.
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A legion of lenders has joined London Stock Exchange Group’s $13.5bn bridge loan for its acquisition of data company Refinitiv, as the London exchange fights off a hostile bid from Hong Kong Exchanges and Clearing that could scupper the acquisition.
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Lloyds Bank attracted a large and diverse order book for its €750m 10 year covered bond on Monday and has provided ‘the last missing piece’ for bankers working on Virgin Money’s debut euro covered bond, which is expected to be announced soon.
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Bank of Montreal and Rothesay Life made use of the quieter political situation in the UK this week to issue in sterling, in the same week issuance paced down in the euro market ahead of the European Central Bank’s meeting.
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The UK Debt Management Office (DMO) raised £4bn after it reopened its 2054 Gilt this week with market participants signalling their preference for the maturity rather than even longer maturities, said chief executive Robert Stheeman.
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Bank of Montreal was marketing a senior preferred bond in sterling on Tuesday, one day after Rothesay Life gave FIG investors a chance to put their money in tier two in the same currency. The Canadian issuer started its trade with a 15bp-20bp concession, according to a banker off the deal.
