Lloyds Bank

£110bn book proves ‘gradual but structural shift’ in demand to shorter tenors

'Textbook execution' lands sovereign issuer 'blowout deal'

◆ Market volatility no hindrance for foreign and domestic FIG issuers ◆ They take advantage of favourable conditions ◆ May volume to end more than 80% higher compared with a year ago

◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred

Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure

◆ Improved dynamics in the sterling market have lured issuers across senior and covered markets this week ◆ Lloyds' offering is among the rare deals from top UK borrowers ◆ Issuers funds with 5bp NIP

Green moving to Lloyds Bank Corporate Markets

◆ Lloyds opts for short-dated euro transaction ◆ Transaction six times subscribed ◆ Sterling issuance eyed amid structural demand

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature

◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago

Second foray into Samurai market this year

Sovereign gets second largest book ever despite political hubbub