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Lloyds TSB Plans Benchmark 15-Year Sterling Covered Bond

Thursday, 22 March 2012
U.K. lender Lloyds TSB Bank PLC (LYG) is planning a benchmark-size, sterling-denominated, 15-year covered bond, one of the banks running the deal said Thursday.

Initial price thoughts are in the area of 195 basis points over the 6% 2028 gilt.

Goldman Sachs Group Inc., Lloyds Banking Group PLC and Banco Santander are the lead managers of the sale.

The bond will be backed by 100% prime U.K. residential mortgages and is expected to be rated triple-A by Moody's Investors Service Inc. and Fitch Ratings.
News source: Dow Jones News

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