Lloyds Bank

Euro corporate bond investors see RCI Banque as a frequent borrower, pricing new issues multiple times a year, but it remains a rare name for sterling investors. Last Friday it sold its first bond in the currency for more than three years.

Red hot market conditions this autumn may tempt financial institutions into making early inroads into their funding and capital plans for 2018, bankers said this week.

As capital market participants race to meet the January deadline for MiFID II, one obscure aspect of the rules could wreck retail participation in the European bond markets.

NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.

Lloyds opened books on Tuesday on its first callable senior bond transactions for the minimum requirement for own funds and eligible liabilities (MREL) on Tuesday, following Santander UK into the dollar market as banks start to think about pre-funding for 2018.

Euro corporate bond investors see RCI Banque as a frequent borrower, pricing new issues multiple times a year. But it remains a rare name for sterling investors. On Friday it sold its first bond in the currency for over three years — a bond that has already matured.

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.

French car hire group Europcar opened the high yield bond primary market on Monday with new debt to fund the acquisition of Spanish peer Goldcar, demonstrating how little investors are worrying about the escalating crisis between Catalonia and Spain over the former's push for independence.

UK grocer Tesco and US telecoms company Verizon both announced tender offers for some of their outstanding bonds in euros and sterling. Tesco is offering to buy up to £700m equivalent, while Verizon will confirm the size of its repurchase once it has sold new euro and sterling bonds.

Lloyds Banking Group promoted three members of its senior commercial banking team this week.

Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.