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  5. 2nd UPDATE: Lloyds Sells GBP550M Worth Of UK SME CLO Bonds

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Share Price: 55.64
Bid: 55.60
Ask: 55.62
Change: 0.90 (1.64%)
Spread: 0.02 (0.036%)
Open: 54.66
High: 55.74
Low: 54.50
Prev. Close: 54.74
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2nd UPDATE: Lloyds Sells GBP550M Worth Of UK SME CLO Bonds

Tue, 13th Jul 2010 18:03

(Adds detail, background) by Mark Brown Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Lloyds Banking Group PLC (LLOY.LN) of the U.K. has sold bonds worth nearly GBP550 million backed by loans to U.K. small and medium-sized enterprises, in the latest sign that the market for bonds backed by loan repayments is recovering. Issuance of such bonds reached EUR27.4 billion in Europe in the first half of this year, according to figures from Societe Generale, but has overwhelmingly consisted of bonds backed by residential mortgage and auto loan repayments. Two tranches of bonds rated Aaa by Moody's Investors Service--a GBP350 million tranche and a EUR235 million tranche--were pre-placed with a small group of investors from the U.K. and Europe, a Lloyds spokeswoman said. The sterling-denominated bonds pay a coupon of 175 basis points over three-month sterling Libor, and priced at 99.44. The euro-denominated bonds pay 150 basis points over three-month Euribor, and priced at 99. Both these tranches have a weighted average life--the time a bondholder can expect to wait before their principal is repaid--of three years. A EUR60 million Aaa rated tranche, a GBP110 million Aa3 rated tranche, and two unrated tranches totalling GBP154.2 million, were retained by the issuer. The euro-denominted retained tranche is guaranteed by the European Investment Fund, or EIF, the part of the European Investment Bank that specialises in providing SME finance across Europe. The notes were issued by a collateralized debt obligation, or CLO, called Sandown Gold PLC. They are backed by a static pool of 1,733 loans, worth GBP807 million, to 1,407 borrowers, originated by Lloyds TSB Bank. The loans range in size from GBP25,000 to GBP5.5 million. CLOs issue bonds serviced with the payments made on corporate loans. The bonds are divided into slices with varying credit risk. Demand for bonds backed by repayments on other credit assets all-but-disappeared in 2007 following the collapse of the U.S. subprime mortgage market. Plunging prices and the inability of banks to issue new bonds were a major cause of the financial crisis. Recovering investor appetite enabled the European market for asset-backed securities to reopen last year, and in the U.K., Lloyds issued the first residential mortgage-backed securities sold to investors in more than 12 months last September, via its Permanent RMBS program. Lloyds has subsequently sold more RMBS, as well as bonds backed by credit card repayments, but Sandown Gold is one of the first deals backed by U.K. corporate loans since the crisis. "It is good to see a different asset class getting done, although the market will only be seen to have recovered when investors start buying the riskier tranches of these deals," said one portfolio manager. An analyst said the pricing on the deal "looks fair." A recovery in the market for asset-backed securities is seen as a key way to support bank lending to consumers, households and businesses, and thus support the economic recovery. Supply remains well below pre-crisis levels, but has increased from 2008 and 2009. -By Mark Brown, Dow Jones Newswires; + 44 (0)207 842 9485, mark.brown@dowjones.com (END) Dow Jones Newswires July 13, 2010 13:03 ET (17:03 GMT)
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27 Jul 2023 15:44

UK dividends calendar - next 7 days

Friday 28 July 
3i Group PLCdividend payment date
abrdn Private Equity Opportunities Trust PLCdividend payment date
abrdn Smaller Companies Income Trust PLCdividend payment date
Barings Emerging EMEA Opportunities PLCdividend payment date
Big Yellow Group PLCdividend payment date
British Land Co PLCdividend payment date
Edinburgh Investment Trust PLCdividend payment date
Gooch & Housego PLCdividend payment date
Helical PLCdividend payment date
Henderson High Income Trust PLCdividend payment date
Hipgnosis Songs Fund Ltddividend payment date
JPMorgan Global Emerging Markets Income Trust PLCdividend payment date
Martin Currie Global Portfolio Trust PLCdividend payment date
Paragon Banking Group PLCdividend payment date
Personal Assets Trust PLCspecial dividend payment date
Personal Assets Trust PLCdividend payment date
Polar Capital Holdings PLCdividend payment date
Premier Foods PLCdividend payment date
Real Estate Credit Investments Ltddividend payment date
Schroder Income Growth Fund PLCdividend payment date
Shires Income PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Vertu Motors PLCdividend payment date
Monday 31 July 
CT Private Equity Trust PLCdividend payment date
European Assets Trust PLCdividend payment date
Lowland Investment Co PLCdividend payment date
Tuesday 1 August 
discoverIE Group PLCdividend payment date
F&C Investment Trust PLCdividend payment date
Johnson Matthey PLCdividend payment date
Mercantile Investment Trust PLCdividend payment date
Next PLCdividend payment date
TR Property Investment Trust PLCdividend payment date
United Utilities Group PLCdividend payment date
Wednesday 2 August 
Tate & Lyle PLCdividend payment date
Thursday 3 August 
Aberforth Smaller Companies Trust PLCex-dividend payment date
Aptitude Software Group PLCex-dividend payment date
Atrato Onsite Energy PLCex-dividend payment date
Axiom European Financial Debt Fund Ltdex-dividend payment date
Brunner Investment Trust PLCex-dividend payment date
BT Group PLCex-dividend payment date
Caledonia Investments PLCdividend payment date
CML Microsystems PLCex-dividend payment date
Dunedin Income Growth Investment Trust PLCex-dividend payment date
Foxtons Group PLCex-dividend payment date
Games Workshop Group PLCex-dividend payment date
GB Group PLCdividend payment date
Inchcape PLCex-dividend payment date
Invesco Perpetual UK Smaller Companies Investment Trust PLCex-dividend payment date
JPMorgan Global Core Real Assets Ltdex-dividend payment date
Jupiter Fund Management PLCex-dividend payment date
Jupiter Fund Management PLCspecial ex-dividend payment date
Lloyds Banking Group PLCex-dividend payment date
M&G Credit Income Investment Trust PLCex-dividend payment date
Mobico Group PLCex-dividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
Nichols PLCex-dividend payment date
Oxford Instruments PLCex-dividend payment date
Picton Property Income Ltdex-dividend payment date
Polar Capital Global Financials Trust PLCex-dividend payment date
Polar Capital Global Healthcare Trust PLCex-dividend payment date
Reckitt Benckiser Group PLCex-dividend payment date
Rentokil Initial PLCex-dividend payment date
Schroder Real Estate Investment Trust Ltdex-dividend payment date
Starwood European Real Estate Finance Ltdex-dividend payment date
Tyman PLCex-dividend payment date
Unilever PLCex-dividend payment date
Vesuvius PLCex-dividend payment date
WH Smith PLCdividend payment date
  
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Banks tread tricky tightrope with politically exposed clients

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26 Jul 2023 16:54

LONDON MARKET CLOSE: Europe falls amid pre-Fed decision caution

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26 Jul 2023 13:53

Banks tread tricky tightrope with politically exposed clients

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Shares fall as Fed rate rise looms

Euro STOXX down 0.9%

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26 Jul 2023 12:05

European banks flag bad loan risks as global economy falters

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26 Jul 2023 10:04

TOP NEWS: Lloyds raises guidance following "robust" half year earnings

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26 Jul 2023 09:25

NatWest's Alison Rose, trail-blazing finance boss, bows out after Farage breach

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26 Jul 2023 07:03

Lloyds Bank interim profits surge 23%

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25 Jul 2023 12:26

Wednesday preview: Federal Reserve, Lloyds in the spotlight

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Mitie boosts revenue in "traditionally" lower first quarter

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UK government to haul in banks over account closures

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