Lloyds Bank
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Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal. -
Barclays and Santander UK exploited the relief rally in the immediate aftermath of the US midterm elections this week to take home a combined $4.5bn.
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Ireland’s Applegreen has signed €300m of loans to finance its acquisition of more than half of motorway service operator Welcome Break, topping off a fund raising round that also saw a share placement.
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Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.
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German and UK banks showed some of the lowest common equity tier one (CET1) ratios out of the 48 banks participating in the European Banking Authority’s stress test, in the adverse scenario tested. More than half the banks would also face distribution restrictions over the three years.
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Northern Gas Networks (NGN), the UK gas distribution company headquartered in Yorkshire, has sold £200m of US private placements notes, pricing at a tighter margin than what it could achieved from a sterling bond, said a US PP market participant.
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American data centre owner Digital Realty extended its sterling corporate bond curve on Wednesday. The issuer’s fourth deal in sterling showed no sign of investor fatigue.
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London-listed Starwood European Real Estate Finance has added two years to the maturity of its sterling revolving credit facility, as Western European loans bankers get settled in for months of amend and extend exercises running up to year end.
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The UK Debt Management Office won big demand for a reopeing of its longest outstanding bond on Tuesday, with a final order book that was over five times covered.
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UK electricity distributor Western Power Distribution returned to the corporate bond market on Tuesday for its regular annual fourth quarter outing, but this time had to accept a significant new issue premium as it raised £350m.
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UK banks are finding safe harbour in the dollar market as investors in other currencies grow nervous that the country will end up with a messy break-up with the European Union. Their reliance on dollars for capital is only likely to increase as Brexit day approaches.
