Lloyds Bank

As two senior Loan Market Association members leave the loan market, one will relinquish his role at the LMA while the other will stay on.

A corporate bond syndicate banker has been made redundant by Lloyds Bank.

Lloyds, Dexia Crédit Local and Wells Fargo have all sought dollar funding this week, turning away from a bare European market to take advantage of a brighter tone in the US after bank results.

The dollar has been left as the only accessible currency for European banks looking to print benchmark debt so far this week, as even covered bonds succumb to a global market rout.

Simon Allocca, head of loan markets at Lloyds Bank, is moving to a new job at the bank.

Covered bonds issued this week from Lloyds and Bank of Nova Scotia were among the largest seen this year and attracted the biggest order books.

Trafigura, the Singapore based commodity trader, launched a $4.3bn loan refinancing on Thursday as it looks to improve terms off the back of a standout year in 2015.

Financial institutions have taken an early plunge into additional tier one bonds this week, as European and US investors show willing to take on risk and put cash to work.

Santander UK was set to print a solid sterling senior holdco debut on Friday, but different views of the appropriate spread between opco and holdco debt meant rival bankers couldn't agree on fair value for the deal.

Lloyds issued the first sterling covered bond of the year and was quickly followed by two overseas issuers who priced deals at successively wider levels.

2015 was meant to be the year that direct lenders conquered all before them, as banks’ retreat from mid-market lending became a rout. But the opposite has happened. Despite the enormous weight of money pouring into funds, banks are still there, and funds are having to deal with it. Ross Lancaster reports.

Commodities trader Trafigura will next week launch its refinancing of a $5.3bn facility, with Glencore expected to follow shortly thereafter. Bankers believe these issuers will retain support from key lenders, despite their mixed successes in 2015.