Lloyds TSB takes the private route to $2bn capital deal
Lloyds TSB Bank issued a $2bn tier one bond on Tuesday in a self-led private placement that originated from a reverse enquiry that the borrower fielded during its recent contingent capital-raising exchange offer.
Lloyds issued the perpetual non-call 15 year tier one bond with a 12% coupon. It steps up to 1175.6bp over three month dollar Libor after the call date.
In the recent exchange, Lloyds issued £7.5bn and $985m of enhanced capital notes (ECNs) which convert into equity if the banks
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