Lloyds Bank

Dollar borrowers wrapped up their funding projects before the July 4 holiday weekend and dodged a global sell-off as central bankers pointed to the end of monetary stimulus.

International schools operator Nord Anglia has tightened pricing and accelerated the deadline on its $1.22bn-equivalent euro term loan, while up to six leveraged loans are due to close syndication at the end of the week.

On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.

A few months ago political risk was the new big driver of the markets. Yet as UK politics enters its most uncertain period in decades, the country’s banks are jumping into the market and accessing credit cheaply. Supply dynamics, not politics, are king, writes Jasper Cox.

Standard Chartered has hired Clare Francis to be regional head of global banking, Europe. The former Lloyds banker will run its corporate and financial institution business in the region.

Lloyds Bank has launched cash tender offers for about £6bn of dollar, euro and sterling senior bonds, as the UK financial institution looks to shrink the pool of outstanding notes issued from its operating company (opco).

Industrial Commercial Bank of China’s London branch and subsidiary signed a self-arranged $1.25bn facility in an oversubscribed deal with 16 banks on Tuesday. The deal follows a spate of lending by the bank in emerging market deals.

UK corporates are preparing for the large UK banks to bring down their ring-fences, a move that could shake up the banking landscape and push more corporates to sign credit support annexes with their banks.

After three years away, UK producer of grocery and sweets Premier Foods returned to the bond market with a £210m fiver year non-call one floater to join 2017’s sterling issuance comeback.

Lloyds Bank has hired a banker from Nationwide Building Society to work in its corporate treasury team.

Senior bank debt investors in Europe are losing their right to accelerate payments of interest or principal. The process has been gradual, low key and at times even overlooked, but it is one of the most fundamental developments in the recent history of the senior bond market.

Clare Francis, head of global corporates at Lloyds, is to leave the UK firm.