Lloyds Bank

Paccar came to the European corporate bond market on Tuesday, as ever keeping it small when it issued a €300m three year bond that enthused investors, some of whom would have liked more of the US truck manufacturer.

After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.

Betting house William Hill this week was alone in the European high yield market for a potential issue of £300m of unsecured notes, with the UK’s European Union membership referendum an unhelpful backdrop.

The geographical spread of US private placement issuance has been shaken up in 2016, according to two USPP bankers based in London.

William Hill, the UK bookmaker, will begin a roadshow on Friday for its benchmark sterling bond, indicating an estimated deal size of between £250m and £300m.

The UK’s LSL Property Services has extended its existing £100m credit line to May 2020.

UK retailer Next on Wednesday issued a £300m bond, benefiting from a receptive period in the sterling corporate bond market, which is expected to wind down in June as the Brexit referendum approaches.

A former director-level leveraged finance banker at Lloyds joined Société Générale this month on a short term contract.

Lloyds Bank has given its interim head of loan markets the permanent job but will not fill his former role.

LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.

Hammerson, the UK property company, has signed a £420m revolving credit facility with eight banks, including four new lenders.

Books were several times oversubscribed and new issue premiums often dropped to zero this week, ahead of an ECB move that was widely expected — but everybody is aware that market backlashes do happen.