Lloyds prices $1.5B covered bond, among the largest UK bank debt deals on record
What's the deal? Lloyds BankDealroom has a profile for this one. Try Dealroom → has published the final terms for a $1,500,000,000 issue of 4.478% fixed rate covered bonds due August 2029. The deal is its Series 2026-6 issuance under the bank's €60 billion Global Covered Bond Programme.
Why now? The terms were filed with the National Storage Mechanism on August 24, 2026, and are available for inspection through the Financial Conduct AuthorityDealroom has a profile for this one. Try Dealroom →. Covered bonds — debt backed by a pool of assets — let banks raise term funding at lower cost than unsecured borrowing.
What's the endgame? The programme gives Lloyds a standing framework to tap debt markets repeatedly. This latest tranche extends its funding out to 2029 at a fixed coupon, locking in cost certainty for the next three years.
The signal: At $1.5 billion, the raise ranks in the 96th percentile of UK fintech post-IPO debt deals tracked all-time, across a sample of 107. That scale underscores continued investor appetite for secured paper from large UK lenders.
Read more: investegate.co.uk
Image credit: Reading Tom
