Lloyds Bank
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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UK hotel group Travelodge and social care firm Voyage Care both started roadshows on Wednesday for £165m and £250m of notes, respectively. -
Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.
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Drax Group, the UK energy holding company, has scheduled a roadshow for Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year.
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Yorkshire Building Society defied concerns around the UK’s decision to leave the European Union this week, issuing a well oversubscribed covered bond that was very broadly distributed and that priced almost flat to its curve.
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Lloyds Bank has arranged for Unibail-Rodamco, the French-Dutch property company, what it believes is the first syndicated loan that gives the borrower cheaper funding if it hits environmental targets.
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Six borrowers announced offerings in the European high yield bond market on Monday as borrowers looked to beat what could have been disruptive Dutch elections two days later.
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Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.
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Toronto Dominion became the third Canadian bank to issue a sterling covered bond benchmark this year with a deal launched on Monday. Despite an attractive spread, the book was slow to build and the deal size looked set to be smaller than average.
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TSB Bank has received regulatory approval and a rating for a £5bn residential mortgage-backed covered bond programme, the first new programme from a UK issuer since 2011.
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