Lloyds Bank

The recovery in Europe’s corporate bond new issue market continued on Wednesday, with three successful issues — one each in sterling, euros and Eurodollars. By far the largest was the return to its home market of Motability Operations, the non-profit organisation which provides cars and other vehicles to disabled people in the UK.

Scotland Gas Networks came to the sterling bond market on Monday with a £250m 11 year offering that was nearly twice subscribed.

Genus, the bovine and porcine genetics company, retained all of its relationship banks when it signed a £160m revolving credit facility on Monday.

Heathrow has extended the maturity of its £1.4bn revolving credit facility, signed November 2014.

Kurt Geiger, the luxury UK shoe retailer, allocated its £150m all-senior acquisition debt at a notable margin even after its oversubscription.

Thames Water priced a £300m senior secured no-grow bond on Thursday, clinching the deal after two weeks of volatility in its outstanding bonds.

Pendragon, the UK car dealer, has refinanced its debt, issuing a private placement and signing a new unsecured club revolving credit facility that cut its margin by a hefty 85bp.

Carnival Corporation, the US cruise ship operator, returned to the euro bond market for the second time in under four months with a €500m five year deal on Monday.

The University of Leeds kept the UK higher education sector’s run of activity in capital markets this year going at a healthy pace on Friday, as it grabbed a window of stability to print its debut bond.

The UK Supreme Court extended investors’ legal battle with Lloyds this week, saying it will review an earlier ruling by the Court of Appeal that gave the UK bank the right to redeem a series of high coupon enhanced capital notes (ECNs) at par.

The UK Supreme Court will review an earlier ruling by the Court of Appeal that gave Lloyds Bank the right to redeem a series of high coupon Enhanced Capital Notes at par.

The UK higher education sector maintained its love affair with capital markets this week, as the University of Leeds announced a roadshow for its debut bond.