U.K. bank Lloyds priced its first covered bond since 2012 at the tight end of guidance.
Standard & Poor’s reported that the 3-year, £1 billion bond priced at 30 basis points over the three month Libor. The deal was talked in the low to mid-30bp range over three-month Libor.
Bank treasuries bought 69%, ahead of fund managers who bought 26% of the bonds, according to S&P.
Lloyds, Standard Chartered, RBS and UBS led the deal that was assigned a triple-A ratings.