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Lloyds launches US$1bn senior holdco bond: lead

Reuters - UK Focus

By Will Caiger-Smith

NEW YORK, June 30 (IFR) - Lloyds Banking Group (Other OTC: LLOBF - news) has launched a US$1bn senior holdco deal after investors piled billions of dollars into the trade, a lead on the deal told IFR.

Lloyds launched the five-year deal, its debut US dollar senior holding company issue, at T+210bp. That was tighter than guidance of T+215bp (+/-5bp), and initial price thoughts of T+225bp area.

The deal is the first US dollar bond from a bank since Britain's vote to leave the European Union. Investors piled US$6.5bn of orders into the deal, the lead said.

Joint bookrunners Citigroup (NYSE: C - news) , HSBC, Lloyds and Morgan Stanley (Xetra: 885836 - news) are expected to price the bond on Thursday. (Reporting by Will Caiger-Smith; Editing by Natalie Harrison)