Lloyds Bank
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Lloyds has become the third UK bank to soak up strong demand for holding company level senior debt in the Samurai market this year, though the lack of clarity around risk-weightings continues to limit bank treasury involvement. -
After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.
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European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.
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James Garvey, who runs the capital markets businesses at Lloyds, will take over the trading side as well, as the bank's existing head of financial markets, Richard Moore, plans to leave the firm next year.
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CMB Financial Leasing Co launched its debut international dollar bond on Monday with three and five year tranches, as ICBC London rolled out a three year floating rate note.
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Banks will have more time to build up sufficient equity and debt for their minimum requirement for own funds and eligible liabilities (MREL), said the Bank of England.
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Though none of them are ruling out a victory for Donald Trump, FIG market participants are positioned for Hillary Clinton to win the 2016 US presidential election. Banks could be ready to launch new trades on the same day as the result is announced.
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This was the week high yield borrowers in sterling came out of the Brexit shadows to face a market ridden with political tensions — what they found was hungry, but sober, investors.
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Standard Chartered rocked assumptions about old style capital instruments this week when it said it would not call its legacy capital deal. Issuers with similarly structured bonds may not want to ignore the economic benefits of the UK bank’s decision and the likely consequences for future additional tier one issuance. Tyler Davies reports.
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UK pub operator Enterprise Inns on Monday printed its new sterling notes at maximum size, winning the minimum coupon that it had promised to investors.
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Mortgage lender Together on Friday accelerated the pricing of its PIK bond in a sterling market still cautious after last week’s cancellation but geared with a new offering from betting house Ladbrokes.
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