Lloyds Banking Group achieved an acceptance rate of 49.6% for a cash tender for four short dated Bank of Scotland covered bonds with Eu6.382m (£5.284bn) equivalent outstanding in euros and sterling, it announced today (Tuesday).

The UK bank launched what it described as a “housekeeping” exercise on Monday of last week (25 November), saying that it was taking advantage of a strong liquidity position to optimise its debt profile and improve its funding position. (See here for previous coverage.)

Announcing the results after the tender expired yesterday (Monday), Lloyds said that it had bought back bonds totalling Eu3,166,819,000 from 232 valid instructions, broken down thus:

Eu861,942,000 (43.1%) of a Eu2bn 3.875% January 2014 issue

Eu911,200,000 (45.5%) of a Eu2bn 4.25% September 2014 issue

Eu1,145,677,000 (57.3%) of a Eu2bn 4.75% January 2015 issue

And £205.65m (65.1%) of £316m (Eu382m) outstanding of a December 2014 issue that was originally £500m.

An official close to the exercise said it was “an extremely positive result”.

BNP Paribas and Lloyds were dealer managers.

The results announcement can be found here.