Lloyds Bank
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Six borrowers announced offerings in the European high yield bond market on Monday as borrowers looked to beat what could have been disruptive Dutch elections two days later. -
Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.
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Toronto Dominion became the third Canadian bank to issue a sterling covered bond benchmark this year with a deal launched on Monday. Despite an attractive spread, the book was slow to build and the deal size looked set to be smaller than average.
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TSB Bank has received regulatory approval and a rating for a £5bn residential mortgage-backed covered bond programme, the first new programme from a UK issuer since 2011.
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The UK Debt Management Office (DMO) breezed through the final syndication of its financial year on Tuesday, printing at a record low real yield with its biggest ever book — despite a postponed start to opening books and murmurings about falling demand for inflation linked paper.
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The UK Debt Management Office on Tuesday breezed through the final syndication of its financial year, printing at a record low real yield despite a postponed start to opening books and murmurings about falling demand for inflation linked paper.
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The UK is set to bring its final syndication of its 2016/17 financial year this week, following on from a strong week for public sector trades in the currency.
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Nationwide Building Society this week issued its first euro benchmark covered bond since the UK’s referendum on leaving Europe and managed to find funding that was two years longer and half the spread of its last deal in February 2016. But it was unable to issue a 15 year.
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Nationwide sold a €1bn seven year euro benchmark covered bond on Thursday, its first trip to the market this year.
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UK mortgage lender Together Financial was the only new deal in the European high yield bond market of the week when, on Wednesday, it sold a sterling offering that received firm demand in a rare example of a single-B name opting for bonds over leveraged loans.
