Lloyds Bank

Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

BlackRock became the largest shareholder in Lloyds Bank on Monday, after the UK government reduced its holdings in the lender to less than 6%.

Lloyds Bank tapped the covered bond market for a three year floating rate deal on Monday, the fourth year in a row that it has issued the instrument in early January.

European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.

Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.

Royal Bank of Canada took advantage of deeper demand for fixed rate paper than floating in sterling covered bonds, issuing a five year trade on Wednesday. RBC has gathered more demand for its deal than Canadian Imperial Bank of Commerce, which issued a floating rate deal a day before.

Lloyds’ purchase of Bank of America’s credit card business MBNA will hit its common equity tier one ratio, but analysts believe the 80bp decline in will be "easily manageable".

Bridgepoint launched a dividend recapitalisation term loan of its restaurant firm the Azzurri Group with a lender call on Thursday afternoon, the private equity firm's second since October.

Eight heads of funding and two DCM heads spoke to GlobalCapital about covered bonds and regulatory funding, the impact of the Term Long Term Refinancing Operation, the prospective end to the covered bond purchase programme and likelihood of limited funding windows next year.

Lloyds has become the third UK bank to soak up strong demand for holding company level senior debt in the Samurai market this year, though the lack of clarity around risk-weightings continues to limit bank treasury involvement.

After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.