London Stock Exchange welcomes Lloyds Bank Corporate Markets as it celebrates its inaugural bond issuance
On the morning of 2 August 2019, Lloyds Bank Corporate Markets, the non-ring fenced division of Lloyds Banking Group, opened the London Stock Exchange, to celebrate the launch of its inaugural bond issuance.
In early July, Lloyds Bank Corporate Markets issued a £500m 5-Year GBP Senior Unsecured Bond as part of its Euro Medium Term Note (EMTN) Programme. The £10bn EMTN programme is part of its strategy to create a diversified and sustainable funding plan, and to ensure Lloyds Bank Corporate Markets can continue to support its clients, whilst lowering funding costs. This programme has been launched just a year after Lloyds Bank Corporate Markets was established, as part of the UK regulatory requirements for banks to create non-ring fenced divisions separate from the ring-fenced bank.
Mark Grant, CEO Lloyds Bank Corporate Markets, commented:
"We are delighted to have successfully issued our inaugural bond, which comes just a year after Lloyds Bank Corporate Markets went live; this is the first of many issuances. Investors were enthusiastic about the emergence of another LBG issuing entity and this was reflected in the depth of investor coverage and ultimately the success of this bond".