Lloyds Bank opens London trading to celebrate ORB market maker role
Monday 20th May 2013
London Stock Exchange today welcomed Lloyds Bank to open its UK markets, marking the banks new role as dedicated market maker on the Order book for Retail Bonds (ORB).
Lloyds Bank Commercial Banking provides comprehensive expert financial services to businesses of all sizes, from start ups and small businesses through to mid-sized businesses, multinational corporations and financial institutions.
Since the launch of ORB in 2010, Lloyds Bank has played an instrumental role in developing the process and documentation for retail bond issuance on ORB. The bank has led eight deals for its clients raising a total just short of £1bn on ORB, helping them diversify their sources of funding.
Lloyds Bank was also mandated to lead the LSE’s own retail bond, raising a record £300m in October 2012.
To mark the occasion Andrew Bester, Group Director, CEO Commercial Banking at Lloyds Banking Group, joined Alexander Justham, CEO of London Stock Exchange plc to open trading in London this morning.
Alexander Justham, CEO of the London Stock Exchange, said:
“We are delighted to welcome Lloyds Bank as tenth market maker on London Stock Exchange’s Order book for Retail Bonds platform. Lloyds Bank has been a supportive partner ever since the launch of ORB and we look forward to working closely with Lloyds Bank’s experienced gilt and corporate trading team as secondary trading on the platform continues to develop and grow.”
Andrew Bester, Group Director, CEO Commercial Banking at Lloyds Banking Group, commented:
“Joining London Stock Exchange’s ORB platform as market maker is a milestone for our bank, building on the success we have seen in retail bond origination. Retail bonds are becoming an important alternative source of funding for companies and we want to bring our long standing commitment and expertise to an increasingly efficient secondary market to benefit issuers and investors in the UK.”