The UK government has sold down a second tranche of its stake in domestic lender Lloyds Banking Group in the largest deal of its kind on record in Europe.

Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and UBS worked as bookrunners on last night's £4.2 billion ($6.9 billion) accelerated bookbuild, described by one banker as "a juggernaut offering" and "a record breaker".