Lloyds to Issue $3.7bn of UK mortgage bonds

Lloyds Banking Group Plc will issue a total $3.69bn of bonds backed by residential mortgages denominated in euros, dollars and pounds. The transaction includes the equivalent of $500m of one-year top-rated class 1A notes, $759m of class 2A securities and $911m of 3A bonds, said Sara Evans, a London-based spokeswoman for the UK’s largest mortgage lender. The notes are being issued through Lloyds’s Arkle 2010-1 master trust, a vehicle set up to package mortgages into securities. The Arkle securities are the first from Lloyds in two years that don’t offer investors the right to demand repayment at the expected maturity date amid signs demand for asset-backed debt is increasing.

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