YEN

摘要

Lloyds bank last week priced five and 10-year Samurai bonds. The overall size was a quite large: ¥88.8bn for fives and ¥6.2bn for the 10s. The five-year tranche carries a coupon of 0.46%. The issue price was par, to give a spread of 10bp over offered-side swaps. The 10-year bond was also priced at par. The coupon pays 0.98% for a spread of 25bp over swaps. Lead managers were Daiwa, MUMSS and Nomura.