LM back in spotlight with Lloyds, Bank of Italy moves
Bank liability management is set for a second wind as issuers continue launching deals. Lloyds TSB Bank, Banco Popular Español and Catalunya Banc became the latest on Thursday — and after the Bank of Italy loosened its stance on buybacks and exchanges.
Lloyds TSB Bank announced on Thursday morning an any-or-all exchange offer on a 415m tier one that was issued by HBOS in 1999. It will switch the paper at 66% of par into a new 12 year non-call seven lower tier two bond. EuroWeek
understands the deal was
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