Sterling investment grade deal of the year – Lloyds TSB
Bookrunners: BNP Paribas, JP Morgan, Lloyds TSB Capital Markets
Issuer: Lloyds TSB Bank
Issue date: April 15, 2010
Size: £750 million
Ratings: Baa3/BBB (Moody’s/S&P)
Maturity: April 22, 2025
Coupon: 7.625%
Lower tier 2 bank issuance was limited in early 2010, amid uncertainty over how financial regulation would affect investor appetite for subordinated debt. But Lloyds TSB’s 15-year, £750 million sterling deal in April – along with the bank’s €1.5 billion euro-denominated transaction and HSBC’s £900 million sterling offering, both issued in late March – helped
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