Lloyds Bank
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Europe’s high grade primary market chugged on with a handful of trades on Wednesday, but syndicate bankers acknowledge that supply looks to be muted in what should usually be a hectic period. -
LBBW struggled to get going with a new green bond in the sterling market this week. It had to settle on a final spread at the wide end of its initial price thoughts.
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Nationwide Building Society is buying back £2bn of covered bonds in euros and sterling. UK covered bond issuers are buying back securities as risks increase ahead of the end of the Brexit transition period.
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HSBC Holdings is issuing a new senior bond while offering to buy back some of its existing securities, less a month after completing a very similar liability management exercise in the dollar market.
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Nationwide Building Society said this week that it was looking to reduce the size of 11 of its euro and sterling covered bonds through a tender offer, in an effort to optimise its funding and liquidity position.
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The UK Debt Management Office raised £8bn ($10.24bn) with its first 15 year syndication on Tuesday morning, the first of two Gilt syndications it will hold during September.
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Shell, the oil and gas major, visited the sterling bond market for the first time for around six years on Thursday, printing £1bn of long maturity debt and creating a curve out to 2052.
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Virgin Money UK tested the strength of the sterling market this week by looking to raise tier two debt. The UK lender was able to tighten pricing by 50bp and print inside fair value, and the new trade accompanied a tender offer of the issuer’s old securities.
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The UK Debt Management Office has chosen the banks to lead the first ever 15 year Gilt to be sold via syndication, which will hit the market next week
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ABN Amro has become the 18th bank to call an additional tier one (AT1) in 2020, as refinancing conditions continue to improve, despite the impact of the coronavirus pandemic.
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Lloyds has bought back a small amount of sterling covered bonds on a bi-lateral basis. Most investors that wanted to hand back bonds will have already done so in its previous public tender offer.
