Lloyds Bank

BP Capital Markets brought a £400m bond to the market on Thursday that was priced in line with initial price thoughts, causing disagreement between bankers on and off the execution about where marketing levels should have started.

Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market.

Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.

Following Lloyds Bank's creation of the "CB markets" division, combining trading with capital markets origination, James Garvey, the division’s boss, has laid out the management team for the new structure.

Discount retailer B&M will launch on Tuesday its £250m debut high yield bond in a so far ‘hard Brexit’-proof sterling market — but some investors are already warning about a potential glut of supply.

Rating: A3/A-

Thames Water, the UK water supplier, shrugged off currency market nerves over UK prime minister Theresa May’s speech about the UK's departure from the EU on Tuesday to engage sterling bond investors with a £500m dual tranche offering.

The enduring nature of sterling covered bonds was underscored again this week with deals issued by Lloyds Bank and BayernLB taking this year’s total in the UK currency to six.

Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.

UK premium car maker Jaguar Land Rover on Thursday sold its first euro bond at one of the lowest coupons seen in the high yield market in the last two years.

Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

BlackRock became the largest shareholder in Lloyds Bank on Monday, after the UK government reduced its holdings in the lender to less than 6%.