Lloyds Bank
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Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value. -
National Grid Electricity Transmission, the UK power transmission company, was out with a dual tranche trade on Thursday, including the first test of the conventional sterling benchmark market in more than a month.
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Lloyds Bank Corporate Markets seized the opportunity to raise senior funding in sterling on Tuesday, with the market back in 'extremely good shape' after several days of volatility. It is expected to be followed in the currency by Legal & General Group and Virgin Money, which have each announced strategic transactions this week.
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Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.
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Lloyds Banking Group has become the latest financial institution to extend the life of an additional tier one capital instrument (AT1), after arguing on Friday that it would be "uneconomic" for it to refinance its €750m 6.375% notes amid the stress of the coronavirus pandemic.
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Italy’s Ferrari in euros and the UK’s Southern Water Services in sterling won strong demand for new bonds on Wednesday, but the slowdown in issuance has got some syndicate officials wondering if the market is already winding down for summer.
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Rolls-Royce, the UK jet engine maker, has signed a £1.5bn short term revolving credit facility, as lenders say European and US aerospace companies are having to approach fundraising in vastly different ways.
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Lloyds Bank has got most of its covered bond and senior funding out of the way already this year — ideal, given the threat of the coronavirus pandemic to both bond markets and the wider economy. But the bank has also been busy optimising its capital stack, which should support its lending just when it is most needed.
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The UK Debt Management Office has chosen the banks to lead what will be the first of an unprecedented two syndicated offerings in a single calendar month as it prepares to finance a substantial increase in its borrowing requirements.
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Lloyds Bank and Royal Bank of Scotland have decided not to charge clients an arranging fee when lending via the UK’s Coronavirus Large Business Interruption Loan Scheme (CLBILS), while HSBC will not charge any early repayment fees.
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The UK’s RPS Group, a professional services consultancy firm, has signed a £60m short term revolving credit facility that sits alongside its main bank revolver, as borrowers continue to build their access to liquidity in the face of the Covid-19 pandemic.
