The US structured products market may soon be welcoming two new issuers. Last week, Lloyds TSB filed a shelf registration statement with the US Securities & Exchange Commission to offer several types of medium-term notes, as did KeyCorp yesterday. Both banking firms specifically noted their potential offering of 'indexed notes' linked to equities, commodities, interest rates and the like as part of their filings. No specific US offering has yet been registered or is being marketed by either bank.
Lloyds TSB is headquartered in London and has not been a participant before in the US structured products market, nor has Key Bank, which is owned by parent KeyCorp of Cleveland, Ohio.
A spokeswoman from Lloyds confirmed the US regulatory filing but declined to elaborate. She did, however, tell SRP that the bank is set to undergo a full bank strategic review at the end of June.
A spokesman for Key Bank was not available for comment.
The US structured products market, which includes structured notes as well as market-linked certificates of deposit, has already sold more than $26.3bn in products year to date to 13 June 2011, according to SRP data. Nearly halfway through 2011, US sales are slightly ahead of last year's record-breaking sales volume of $53.9bn for the full year.