Lloyds’ CoCo debut: An affair to remember or a one deal fling?
The dust hasn’t begun to settle over Lloyds Banking Group’s issue of contingent convertibles as part of a £7.5bn exchange offer launched this week, but attention has already turned to the future of similar instruments in other banks’ capital bases.
The investment banks involved in the exchange (see separate story) are unsurprisingly arguing that the asset class will be a winner.
"The Lloyds deal is a landmark transaction for the market in every sense," said Siddharth Prasad, head of FIG capital markets and financing at Bank of America Merrill
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