Lloyds joins LM rush with jumbo £5bn tier two exchange
Lloyds Banking Group joined the liability management stampede on Thursday with an exchange of nearly £5bn equivalent of tier two securities approaching their call dates for new lower tier two paper.
The aim of the exercise is to manage call expectations. European state aid rules prevent the bank from calling capital securities, and Lloyds said in its offer that any future calls on the bonds being targeted would be considered with regard to regulatory, economic and market conditions.
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