Lloyds Banking Group has issued new bonds backed by more than 513,000 prime UK residential mortgages that were written by HBOS before the two banking groups merged.
The sale of £4bn of mortgage-backed bonds is the first deal to tap the wholesale debt market since the credit crunch began.
The Daily Telegraph says the transaction will be viewed as an important turning point for residential mortgage-backed securities.
24/09/09 Daily Telegraph B7 Independent 45
