Lloyds Banking Group
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Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure
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◆ 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
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Green moving to Lloyds Bank Corporate Markets
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◆ Lloyds opts for short-dated euro transaction ◆ Transaction six times subscribed ◆ Sterling issuance eyed amid structural demand
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◆ 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
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◆ 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
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Second foray into Samurai market this year
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Sovereign gets second largest book ever despite political hubbub
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Issuer raises £1bn from a three year covered bond, the third in the currency since Nationwide and Skipton issued longer deals
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£3bn residential mortgage portfolio sale ‘on track’ and tipped to 'completely solve the problem'
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◆ How German deal demonstrates improving sentiment ◆ Paper from UK and Italian banks also popular ◆ Issuers urged to print as investors fall into line
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◆ Deal precedes redemption of AT1 and exacerbates shortage of paper in the currency ◆ Issuer locks in ‘very good’ arb ◆ HSBC’s third trade this week follows sterling covered and senior bonds
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Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite
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The face-to-face element of the capital markets will prevail despite moves to automate the sector using artificial intelligence, say interns
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◆ UK bank issues its only outstanding Aussie tier two ◆ Second capital deal within a week sold outside of core markets ◆ Funding official says diversification motivated the rare deals
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◆ Lloyds to diversify its capital raising into Aussie dollars following Singapore dollar debut last week ◆ Asian and European investors expected to take part ◆ Mizuho raises A$400m with EMTN deal
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Juniors and interns are relishing joining the capital markets during a period of prolonged upheaval for the opportunities it brings
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◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo
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◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results
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UK bank prices largest single tranche covered bond from a foreign issuer in Swiss francs for over three years
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Syndicate hopes to deliver Lloyds diversification at a saving
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◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding
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◆ Old Discos no longer attractive capital or funding tool ◆ But multiple AT1s also called with no signs of replacement ◆ UK banks well capitalised
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◆ Improved funding in dollars for European banks ◆ The two issuers have been heavier users of euro and sterling markets this year ◆ Where is best to print in dollars for others eyeing the market?
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◆ Lloyds and Santander launch Yankees ◆ Better execution in the dollar market than raising euros or sterling, says Lloyds Treasury ◆ Dollar investors supporting foreign issuers, including capital trades
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UK achieves second largest order book ever for linker sale
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Long-dated bonds to be tapped and issued, Greece mounts tender offer
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MD will run loan underwriting, bridging and syndicate coordination at the UK bank
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◆ Debut bail-in bond expected on Tuesday at the earliest ◆ Welsh borrower to offer a pick-up to larger building society peers ◆ Proceeds to fund senior bond tender
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◆ Strong demand for rare UK insurance name ◆ Note spotted 5bp tighter in the secondary market ◆ Proceeds to fund tender offer for 2024 subordinated note
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◆ First issue since 2014 will pay for tender offer ◆ Bankers expect 'high single digit' handle ◆ Sub note to be replaced a year before maturity
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Industry veteran only joined bank at start of year
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Deal priced a record 20bp tighter than Toronto Dominion's
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Hannah Simons joins from Schroders to lead the sustainability team
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Investors show preference for paper with rarity value paying a premium
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More foreign banks are preparing to issue in Japan as local investors show strong appetite