Lloyds Bank

Lloyds sold two tranches of holding company level senior debt in the yen market on Thursday, including a rare and tightly priced six year portion.

Industrial and Commercial Bank of China sold a dual-tranche floating rate transaction on Wednesday, getting significant interest from western accounts as it used its London arm as the issuing vehicle.

Industrial and Commercial Bank of China opened books for a dual-tranche floating rate dollar bond on Wednesday, to be sold through its London branch.

Lloyds is set to follow Santander in selling Samurai bonds this week, as European banks look to the yen market as a funding base for loss-absorbing debt.

UK distribution company Bunzl and UK logistics property company Tritax Big Box REIT both met with investors in the UK in the first half of this week before launching debut bond deals on Thursday, while Anglian Water Osprey Financing launched a transaction straight after an investor breakfast.

Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.

Two companies made their investment grade bow on Thursday as an improvement in sentiment encouraged borrowers to capitalise on decent conditions and wrap up funding in the final weeks of the year.

The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

Lloyds Bank has priced the second largest deal in the Australian dollar market this year, bringing its annual funding in the currency to A$1.1bn. The deal followed a large A$1bn dual-tranche trade from HSBC last week.

Property has been the standout sector in a good year for sterling corporate bond issuance. On Wednesday, Places for People added to issuance with its first sterling bond of 2017, but failed to tighten from initial price thoughts.

The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

The FIG investment grade dollar market has scored its busiest October on record, with banks frontloading their funding programmes to top up for regulatory capital requirements.