Lloyds Bank
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Toyota Motor Credit Corp, the Japanese car finance company, opened books for a £500m six year bond on Thursday, as syndicate bankers said next week’s new issue market would be busy. -
Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.
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Lloyds Bank has amended the terms of its consent solicitation for two of its additional tier one (AT1) notes, after failing to reach a quorum at its first bondholder meeting. It now plans to use a different spread methodology to calculate the switch over from Libor to Sonia.
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FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.
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Pension Insurance Corporation (PIC) sold its second tier two trade of the year, raising £400m with what some investors saw as an opportunistic move.
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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.
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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.
