Lloyds Bank

Banca Popolare di Milano and Banco Sabadell issued covered bonds which, despite their negligible new issue concessions, met with exceptionally strong demand.

A director of corporate real estate at Lloyds Bank resigned last week and the bank has not made plans to fill his role, according to two sources.

Bookmaker William Hill on Friday sold £350m of unsecured bonds in a sterling high yield market increasingly convinced that the June referendum will support the UK’s European Union membership.

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.