Sub-debt holders hope for end to Lloyds suspense
Weeks of speculation about Lloyds’s capital raising plans could come to an end as early as tomorrow but many subordinated bondholders remain in the dark as to what the terms of an exchange into contingent capital might look like.
Lloyds is said to want to convert up to £10bn of subordinated debt into contingent capital, a new type of debt instrument that automatically converts into equity upon certain triggers.
One fund manager EuroWeek
spoke to said that he had had a number of discussions with banks about
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