Lloyds Bank

Investors have been discounting UK bank bonds in the secondary market in recent weeks, as it becomes increasingly unclear how a change of prime minister will affect the country’s approach to leaving the EU.

Muenchener Hypothekenbank (MuHyp) was set to issue a $600m three year Reg S dollar Pfandbrief on Tuesday, at close to the tightest levels seen this year and with exceptionally strong demand. The stellar outcome encouraged Lloyds Bank to announce a follow-on deal of its own.

Former Lloyds Banking Group trader Christophe Coutte will join RBC Capital Markets as head of macro trading Europe.

New issue premiums have been widening somewhat in Europe's corporate bond market in recent weeks, but Accent, a UK housing association, priced its debut bond at a level bankers said was tighter than where comparable issuers were trading.

The UK’s Hyde Housing Association has signed two bank facilities totaling £350m, with the sector again providing business for deal-starved lenders.

Christopher White, global head of banks at Lloyds Banking Group, and Robert Ellison, his predecessor in that role, have founded Finance Unlocked, an online training company.

UniCredit has hired for a range of posts in its financing and advisory team, including roles in infrastructure, high yield, debt origination and as head of the Asia Pacific region.

Two UK housing associations have hit the loan market, with Sovereign signing its first unsecured revolving credit facility and Hyde bringing two facilities totalling £350m.

An undersupplied sterling bond market was on Wednesday given two new corporate deals to chew on: a £350m three year from carmaker BMW and a £250m no-grow eight year from UK retailer Marks & Spencer. Abertis Infraestructuras, the Spanish roll road operator, also offered a €1.3bn six and 10 year deal.

Lloyds Bank Corporate Markets, the non-ringfenced arm of Lloyds Banking Group, has made its capital markets debut. The UK bank went private to place short-end paper in both fixed and floating rate formats, ahead of a debut in the public market later this week.

The City of London Corporation, via its endowment fund The City’s Cash, has held its first roadshow for its inaugural US private placement notes. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.

The City of London Corporation, via its endowment fund The City’s Cash, has launched first US private placements (PP), roadshowing the prospective notes this week and next. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.