Lloyds Bank

◆ UK bank issues its only outstanding Aussie tier two ◆ Second capital deal within a week sold outside of core markets ◆ Funding official says diversification motivated the rare deals

◆ Lloyds to diversify its capital raising into Aussie dollars following Singapore dollar debut last week ◆ Asian and European investors expected to take part ◆ Mizuho raises A$400m with EMTN deal

Juniors and interns are relishing joining the capital markets during a period of prolonged upheaval for the opportunities it brings

◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo

◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results

UK bank prices largest single tranche covered bond from a foreign issuer in Swiss francs for over three years

Syndicate hopes to deliver Lloyds diversification at a saving

◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding

◆ Old Discos no longer attractive capital or funding tool ◆ But multiple AT1s also called with no signs of replacement ◆ UK banks well capitalised

◆ Improved funding in dollars for European banks ◆ The two issuers have been heavier users of euro and sterling markets this year ◆ Where is best to print in dollars for others eyeing the market?

◆ Lloyds and Santander launch Yankees ◆ Better execution in the dollar market than raising euros or sterling, says Lloyds Treasury ◆ Dollar investors supporting foreign issuers, including capital trades

UK achieves second largest order book ever for linker sale