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Capital Markets

Deals of the year 2009: Structured credit – Lloyds braves storm with RMBS deal

High proportion of deal pre-sold braced banking group to go to market.

Lloyds Permanent Issuer 2009-1 UK RMBS
Size: £3.9 billion
Issuer: Permanent Master Trust
Tenor: Five years
Price: 180bp over Libor (£), 170bp over Libor (€)
Arrangers: Lloyds Banking Group, JPMorgan, Barclays Capital
Signed: September 2009

The £3.9 billion ($6.4 billion) RMBS trade launched by Lloyds Banking Group in September was the standout deal of the year in the structured finance market, not just for what it was but also for what it represented. The European securitization market vanished virtually overnight in mid-2007 along with the first signs of trouble in the asset-backed commercial paper market.

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