Lloyds Bank
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UK firms Anglian Water and care home company Assura ducked into the sterling bond market on Wednesday, ahead of the Bank of England meeting on Thursday, and both obtained comfortable oversubscription on their benchmark deals. -
Yorkshire Building Society paid a rare visit to the euro market on Tuesday as it offered a small premium for a €600m preferred senior deal. Bankers expect issuance to slowly dry up over the next few weeks as the market prepares for the summer break.
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Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.
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ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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Having visited the euro market last week, Nestlé has bounced quickly into sterling, finding solid demand for a £1bn dual tranche trade on Wednesday.
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ANZ was the latest name to throw its hat into the sterling subordinated ring as it ended a nine year absence from the currency with a new tier two capital issue.
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Lloyds Banking Group became the latest name to wade into a rampant subordinated sterling market this week, pricing a £500m tier two note on top of fair value.
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Europe’s high grade corporate bond market began this shortened week for issuance with an ESG focus, as Australian engineering company Worley mandated for its debut sustainability-linked bond and UK housing association Notting Hill Genesis began marketing a sustainability deal.
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HICL Infrastructure, a London-listed infrastructure investment company, has refinanced its £400m revolving credit facility, with the company shifting the benchmark to risk-free rates and adding five sustainability metrics.
