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Lloyds unit to sell A$598 million auto-loan backed debt

July 13, 2010 By vani Leave a Comment

(Reuters) – A unit of British group Lloyd’s (LLOY.L) plans to sell A$598 million ($524 million) of debt backed by auto-loans, a joint lead manager said on Monday.

Pricing is expected by Friday with settlement on July 23.

The issue, called Bella Trust Series 2010-1, is jointly led by Bank of Scotland, JPMorgan and National Australia Bank, the joint lead said. JPMorgan and NAB are joint book runners.

The offer will consist of six tranches backed by car-loans originated by Capital Finance, an Australian unit of Lloyds.

Only the top-rated tranche will be sold to investors with the balance retained by the issuer.

Bank of Scotland’s offer would be its second issue backed by auto-loans.

The loan pool is exclusively made up of motor vehicle loans, predominantly cars.

The loans have a seasoning, or time since issued, of 15 months.

Final maturity of the offer is February 2017 while the expected maturity is in February 2014.

Asset-backed bond issuance in Australia, including mortgage-backed notes, has been hit hard in the wake of the U.S. subprime mortgage crisis, but the market is slowing coming back to life.

This is the fifth offer backed by Australian auto-loans this year. It follows Macquarie Bank (MQG.AX) which sold on Friday US$500 million of debt backed by car loans in the United States.

Moody’s sees a revival of the asset class with a return of investor interest due to strong historical performance of Australian asset-backed securities and a reduced uncertainty in Australia’s economy, it said in a note last week.

(Reporting by Cecile Lefort; Editing by Ed Davies)

Filed Under: International News Tagged With: Asset Backed Securities, asset class, Auto Loans, bank of scotland, bond issuance, british group, Capital Finance, Car Loans, Coming Back To Life, Ed Davies, Investor Interest, JPMorgan, Lead Manager, LLOY, lloyds, Loan Pool, National Australia Bank, reuters, Subprime Mortgage Crisis, Vehicle Loans

Europe shares briefly turn negative; banks down

July 6, 2010 By vani Leave a Comment

July 5 (Reuters) – European shares briefly turned negative in early trade on Monday as banking shares fell, weighed down by worries over stress tests being conducted on the sector.

At 0808 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was flat at 969.43 points after rising to a high of 975.28 and falling to a low of 967.89.

Among banks, Barclays (BARC.L), Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L) and BNP Paribas (BNPP.PA) fell 1.3 to 2.1 percent.

The market was expected to remain choppy as volumes were low because of a holiday in the United States.

(Reporting by Atul Prakash)

Filed Under: International News Tagged With: bank of scotland, banks, barc, barclays, Bnp Paribas, bnpp, Europe, european shares, LLOY, lloyds, prakash, RBS, reuters, royal bank of scotland, stress tests, United States, worries

European shares rise early; banks advance

July 6, 2010 By vani Leave a Comment

July 5 (Reuters) – European shares climbed in early trading on Monday after their worst week in over a month, but worries about the pace of global economic recovery following recent grim economic data are likely to cap gains.

At 0704 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.5 percent at 974.44 points. It closed 0.1 percent higher in the previous session and posted its worst weekly performance since May 21.

“We have got the U.S. reporting season starting next week. If the news is good, and there is no reason why it shouldn’t be, the equity markets are technically in a strong position now to have a rebound,” said Mike Lenhoff, chief strategist at Brewin Dolphin.

“Valuations are very appealing now against the treasury market and corporate bonds. What we could see is a bit of profit taking from the treasury markets and the money could go back in the equity markets.”

Banks were among the top gainers. Lloyds (LLOY.L), BNP Paribas (BNPP.PA) and Credit Agricole (CAGR.PA) rose 0.8 to 1.4 percent.

U.S. markets will remain closed on Monday for a national holiday. (Reporting by Atul Prakash)

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EURO BONDS-BAT dual tranche bond

June 26, 2010 By vani Leave a Comment

June 25 (Reuters) – News, details on corporate bond issues in the European markets on Friday:

Stocks | Bonds | Global Markets

BAT (BATS.L)

Issue: Cigarette maker British American Tobacco is selling a dual-tranche bond, an official with one of the banks managing the sale said. The deal comprises a 10-year 600 million euro bond and a 30-year 275 million pound bond.

Managing banks: BNP Paribas, Deutsche Bank, HSBC, JP Morgan, Lloyds.

Rating: Moody’s Baa1, S&P BBB+ and Fitch BBB+

(London Corporate Finance: +44 207 542 8389)

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Lloyds considers listing 600 branches in new bank: report

June 14, 2010 By vani Leave a Comment

(Reuters) – Britain’s largest retail bank Lloyds Banking Group (LLOY.L) is considering a stock market flotation of the chain of 600 branches that it is forced to sell by European Union regulators, the Sunday Times reported.

Deals

The listing would create a new British bank worth between 3 and 4 billion pounds ($5.8 billion) that would account for about 5 percent of the retail banking sector, the paper said.

“The group has until November 2013 to complete the divestment program agreed with the EU. We are therefore only in the preliminary stages of this process,” Lloyds said in a statement e-mailed to Reuters.

“Our objective is to sell this business to a third party rather than to float it.”

Lloyds is being forced to sell hundreds of branches to satisfy EU regulators and compensate for state aid. The bank was rescued by taxpayers during the financial crisis and is now 41 percent owned by the state.

(Reporting by Julie Crust; editing by Louise Heavens)

($1=.6865 Pound)

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Lloyds considers listing 600 branches in new bank – paper

June 14, 2010 By vani Leave a Comment

LONDON, June 13 (Reuters) – Britain’s largest retail bank Lloyds Banking Group (LLOY.L) is considering a stock market flotation of the chain of 600 branches that it is forced to sell by European Union regulators, the Sunday Times reported.

The listing would create a new British bank worth between 3 and 4 billion pounds ($5.8 billion) that would account for about 5 percent of the retail banking sector, the paper said.

“The group has until November 2013 to complete the divestment programme agreed with the EU. We are therefore only in the preliminary stages of this process,” Lloyds said in a statement e-mailed to Reuters.

“Our objective is to sell this business to a third party rather than to float it.” Lloyds is being forced to sell hundreds of branches to satisfy EU regulators and compensate for state aid. The bank was rescued by taxpayers during the financial crisis and is now 41 percent owned by the state. [ID:nL3540088] (Reporting by Julie Crust; editing by Louise Heavens) ($1=.6865 Pound)

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Tata owned Jaguar rescue bid in doubt due to warring Brit departments

May 2, 2009 By admin Leave a Comment

London, Apr 30 (ANI): The wrangling between the Treasury Department and the Lord Mandelson-led Business Department might delay an 800 million pound emergency package for the Tata owned Jaguar Land Rover.

Jaguar Land Rover executives fear that even if they can agree terms with the Treasury for the refinancing it may be months before they receive the cash. Such a delay could force the carmaker to cut jobs in its 15,000-strong workforce to stay afloat.

Officials from the Business Department (BERR) met executives representing Jaguar Land Rover this week to discuss the package, The Guardian reported.

The carmaker was warned that the conditions demanded by the Treasury in return for supporting the 800 million pound package may be so exacting that owner’s Tata would not agree to them.

A spokesman for Mandelson’s department last night denied there was a rift with the Treasury, but indicated that Tata was responsible for securing financing for Jaguar Land Rover.

The government announced this month that the European Investment Bank had agreed to lend 340 million pounds to Jaguar, but executives are frustrated that the government has yet to commit to underwrite the loan, The Guardian reported.

The 340 million pounds is part of the 800 million pound refinancing package for Jaguar, made up of loans from banks led by government-controlled Royal Bank of Scotland and Lloyds Banking Group.

Tata is thought to have agreed to provide 100 million pound. The Treasury has already agreed in principle to guarantee only about three-quarters of the EIB loan. Jaguar has agreed to underwrite the rest. But after three weeks of talks with civil servants, the Treasury has still not indicated what conditions it will set for underwriting the loan.

Jaguar is concerned that the Treasury may demand that the government is given an equity stake in the firm or that Tata pump another 300 million pound into its UK subsidiary. (ANI)

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Brit women have ‘fat age’ of 92 at 50

May 2, 2009 By admin Leave a Comment

London, Apr 28 (ANI): The growing appetite of British women has made them to eat away 92 years’ worth of fat by the age of 50, finds a new research.

However, men of the same age have a fat age of 71.

The study showed that those aged 40, the average woman has eaten 66 years’ worth of fat, compared to 50 for men.he alarming results have raised concerns, as the increasing fat age could be an indication for future problems.

The daily-recommended limit of fat consumption is 30g for men and 20g for women.

For the study, high street chain Lloyds Pharmacy has developed a calculator based on common daily diets so people can work out if they have a fat age higher than their real one.

It asks people about their daily consumption of various types of food including eggs and cheese and chicken as well as biscuits and sweets.

The calculator is later used to work out how much fat, in particular saturated fat, is eaten per day compared to recommended levels.

Most people with a high fat age are likely to be overweight, and are more likely to have eaten too much cake and chocolate.

Both men and women aged 30 would have a fat age of 36, but by the time they reach 60, men have a fat age of only 86, compared to 112 for women.

“It used to be said that life begins at 40 but these statistics suggest that for many of us it could be the beginning of years of health problems,” the Telegraph quoted Andy Murdock, Lloyds’ director, as saying.

“By letting people see how ‘old’ they are in terms of fat consumption, we hope to be able provide the impetus some people need to take charge of their weight,” he added. (ANI)

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Tata-owned Jaguar may receive a 800-million pound refinancing loan

April 14, 2009 By admin Leave a Comment

According to the Sunday Times, an 800-million pound refinancing loan for the Tata-owned Jaguar Land Rover (JLR) appears to be on the cards, given the “advanced talks” of the company with British ministers and a banking syndicate led by the Royal Bank of Scotland and Lloyds TSB.

The talks have been somewhat slow since November 2008, with officials being overwhelmed by “the size and power of the vast Tata business empire.”

In case the talks come through, the loan would help Tata – which struck a 1.15-billion pound JLR acquisition deal with Ford in June last year – to bring the company on stream and avert 15,000 lay-offs.

Citing sources familiar to the proceedings, the newspaper said that the materialization of the delicate stage talks largely depended on JLR’s ability to provide satisfactory loan security. It clarified that though the British government might assure 75 percent repayment of a 340-million pound loan from the European Investment Bank (EIB); for the remaining part of the loan amount, JLR would have to raise its assets as security.

Although the loan received the EIB directors’ approval last week, the funds cannot be extended to JLR till the time the conditions pertaining to the state endorsement have been met with. In principle, Tata is supposed to have consented to an additional 100-million pound investment together with the re-financing.

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Jaguar Close To 800 Mln Pounds Loan From British Govt

April 14, 2009 By admin Leave a Comment

Tata Group-owned British car maker Jaguar Land Rover (JLR) has entered into the advanced stages of talks with the British government and banks on a loan of £800 million (Rs 5,840 crore), which could help the company on stream and save 15,000 jobs.

According to reports, talks were at a delicate stage and depended upon whether the Midlands-based car manufacturer could give enough security to the administration and a syndicate led by Royal Bank of Scotland and Lloyds for the loans needed.

The reports added that Tata is understood to have agreed technically to make investment of another 100 million pounds together with the refinancing.

The administration has asked the company to provide security in return for assuring repayment of a 340 million pounds loan from the European Investment Bank (EIB).

Directors of the EIB sanctioned the loan during the last week but the funds cannot be given to Jaguar until the required conditions of the state underwriting are prepared.

Tata purchased Jaguar Land Rover from Ford in June 2008 for 1.15 billion pounds.

At that time, the group was money-making but sales broke up as the banking crisis intensified.

In March, Jaguar sales also remained weak, and slumped 30% as against the corresponding period of the last year, while Land Rover sales were down 37%.

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UK regulator to launch bank probe-newspaper report

April 12, 2009 By admin Leave a Comment

LONDON, April 12 (Reuters) – Britain’s financial market regulator is to conduct an investigation into the events which led to last year’s government rescue of some of the country’s leading banks, a newspaper reported on Sunday.

In October last year, the government announced it would provide up to 37 billion pounds ($54.50 billion) of taxpayers’ cash to boost the capital of Royal Bank of Scotland (RBS.L), HBOS and Lloyds TSB to see them through the financial crisis.

Lloyds TSB later took over HBOS to form Lloyds Banking Group (LLOY.L).

The Sunday Telegraph said the Financial Services Authority had approached top audit firms to invite them to bid for a mandate to help with the investigation, which it said was likely to start within weeks.

The FSA declined to comment on the report.

The newspaper quoted sources in the accounting profession as saying the FSA would look at a range of issues, including the banks’ risk management processes and the conduct of directors in the period leading up to the bailout.

It said the inquiry was expected to look at whether enough information was given to the banks’ boards and shareholders.

In January, the government was forced to throw banks a second multi-billion-pound lifeline after Royal Bank of Scotland announced the biggest loss in British corporate history for 2008. (Reporting by Adrian Croft; Editing by Matthew Jones)

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Tories see bigger role for small banks

April 9, 2009 By admin Leave a Comment

Failed banks that have been bailed out by the state might need to be broken up to prevent a repeat of the credit crisis, shadow Chancellor George Osborne said on Wednesday. Skip related content
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The state has a 70 percent stake in Royal Bank of Scotland and also owns a majority in the Lloyds Banking Group after bailing them out. Northern Rock has also been nationalised after it ran into problems.

“When the time comes to sell off those shareholdings, we need to think very carefully before simply selling them to the highest bidder without thinking through the consequences for the wider economy,” Osborne said in a speech in London.

“We should look at whether Britain in fact needs smaller banks,” he added.

The comments are significant because the Conservatives lead Labour in opinion polls and are on course to return to power for the first time since 1997. A general election must be held by the middle of next year.

Prime Minister Gordon Brown has said the banks will eventually be returned to private ownership and that the government hopes to make a profit for the taxpayer on the deal.

Osborne reiterated Conservative plans to restore the Bank of England to a central role in regulating the financial industry, reforming the tripartite structure set up by Labour in which the Bank, the Treasury and the Financial Services Authority all play a role.

He also said a new government and the Bank should review changes to the inflation target so that it reflected housing costs.

Pressed on his plans for the banking industry, Osborne stressed that any sale of state-owned shares was some way in the future.

However, he said there was a risk that recreating banks that were “too big to fail” would sow the seeds of a repeat of the current financial crisis.

“It would be a bitter irony if we came out of this crisis with a banking system that was even more concentrated and even riskier than the one we had before,” he said.

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Ten of world’s top banks laundered money for Iran

January 10, 2009 By Rajesh Leave a Comment

New York, Jan.10 (ANI): Ten international banks, including British-based Lloyds laundered “billions of dollars” for Iran through New York banks, Manhattan District Attorney Robert Morgenthau announced Friday.

According to a report in the New York Daily News, the scheme helped Iran turn its dirty money into greenbacks, which it could then use to buy goods prohibited by international sanctions.

Some of the money went to fund terrorist groups like the Hamas and Hezbollah, and to help Iran get materials, including tungsten, for long-range missiles, sources said.

“This is one of the biggest investigations we’ve ever conducted,” said Morgenthau.

Lloyds admitted it laundered 300 million dollars and agreed to pay a 350 million dollar fine and open its books to investigators.

If records show that the bank knew it was helping Iran break international law or foster terrorism, Lloyds could face criminal prosecution, authorities said.

None of the other nine banks was identified because they are working out similar agreements with Morgenthau’s investigators. he CIA will also review the bank records.

Steven Weber, a terrorism expert and professor of political science at the University of California Berkeley, said it is unusual for a bank like Lloyds to admit wrongdoing on such a large scale.

The laundering began more than 13 years ago and ran through 2007, according to the DA’s probe. Lloyds also washed money for Sudanese banks, even though financial dealings with both governments are prohibited by international sanctions.

In the scheme, first disclosed last March by The News, Iran would deposit huge sums in the international banks, which then converted it into dollars and parceled it out under altered names and routing codes. The money was moved through a series of smaller banks and ultimately drawn on for banned purposes.

Because the origin of the funds was disguised, the money slipped through computerized filters at New York banks designed to stop any transfers to and from Iranian interests, Morgenthau said.

Much of the money went to Iranian banks, which typically send money to terror groups in the West Bank, Gaza, Lebanon and Afghanistan through front organizations and so-called charities, according to the Treasury Department’s Office of Foreign Assets Control. (ANI)

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Jordan ‘booted’ from Facebook

January 7, 2009 By Rajiv Gupta Leave a Comment

London, Jan 7 (ANI): Katie Price a.k.a Jordan has been booted off the social networking site Facebook for violating the terms of use.

The 30-year-old glamour model uses social networking sites to keep her fans up to date.

The website moderators had to pull the plug after her own personal page exceeded the 5,000-friend limit to 150,000 fans.

They decided Kate was an individual and not a company or charity.

“I contacted them today to let me view their policy. They are not going to get rid of me like that,” the Daily Star quoted Jordan as saying. (ANI)

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Lloyds TSB bank is UK’s most gay-friendly employer

January 7, 2009 By Rajiv Gupta Leave a Comment

London, Jan 7 (ANI): Lloyds TSB, the leading financial institution, has topped the league table of the UK’s most gay-friendly employers in a new survey.

The police services, banking and management consultant firms have outshined the public sector, media and education at the Stonewall Workplace Equality Index 2009.

Goldman Sachs, the global bank holding company landed at the 11th place.

In the survey involving more than 7,000 gay and lesbian employees, Hampshire constabulary was placed at the second spot as the most gay friendly employers. Kent police also made it to the top 10 on the fourth position.

While 17 forces were listed in the top 100. The metropolitan police came in at number 43.

From the public sector, Brighton and Hove council made it to the third spot while 13 others made it to the top 100.

The professional services companies such as KPMG, Ernst and Young and PricewaterhouseCoopers also made it to the top 25.

Britain’s single largest employer, the NHS, failed to make it to the upper reaches of the index and only one NHS trust, Tower Hamlets, was among the best, ranked at 58.

“There are sectors such as the police which perform exceptionally well in the index but then there are sectors such as construction and media which don”t,” Guardian.co.uk quoted David Shields, director of Stonewall”s Workplace Programme as saying.

“But it can take a few years from when an organisation decides to improve in this area to begin to see some results. We are always working with organisations in [under-represented] sectors such as the NHS, retail and the media to help them improve,” he added.

Shields said that it could be difficult to identify why some sectors far outperform others.

He said that the strides made by so many police forces may be part of “a broader effort to effect cultural change”.

“I think for banks, for example, there is a real emphasis on the bottom line and they are recognising that fair employment practices directly impact on performance. I wonder if with the education or media sectors they believe they are already good and don”t feel the need to measure it,” he added.

Fiona Cannon, head of equality and diversity at Lloyds TSB, said good diversity policies “simply make good business sense”.

“I think the financial services sector is good at recognising this. At Lloyds we have worked hard and it”s wonderful that it”s paying off,” she added. (ANI)

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