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Lloyds launches ECNs exchange for £5bn of new hybrid debt
March 6, 2014 / 11:11 AM / 4 years ago

Lloyds launches ECNs exchange for £5bn of new hybrid debt

LONDON, March 6 (IFR) - Lloyds Banking Group launched an exchange of existing capital securities into new, much riskier bonds which meet new tough regulations on Thursday as it seeks to strengthen its capital base while trying to keep investors on side.

The UK bank is looking to buy-back its Enhanced Capital Notes (ECNs) that were sold at the end of 2009 as part of the broader recapitalisation of the bank and swap them for £5bn-equivalent worth of Additional Tier 1 bonds.

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