Lloyds Bank

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

Issuer raises £1bn from a three year covered bond, the third in the currency since Nationwide and Skipton issued longer deals

£3bn residential mortgage portfolio sale ‘on track’ and tipped to 'completely solve the problem'

◆ How German deal demonstrates improving sentiment ◆ Paper from UK and Italian banks also popular ◆ Issuers urged to print as investors fall into line

◆ 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

Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite

The face-to-face element of the capital markets will prevail despite moves to automate the sector using artificial intelligence, say interns