US backing helps Arkle make strong run
A surge of demand from US investors helped Lloyds Banking Group overcome credit market volatility as it priced a £2.7bn equivalent RMBS from its Arkle master trust on Friday afternoon. Citi, Lloyds and Royal Bank of Scotland offered the deal in a range of currencies with no fixed amount on most tranches, but the overwhelming majority of demand came from dollar investors, particularly on the one and three year tranches. Some 61% of the total book was placed in the US.
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