RBS to sell AT1 and Lloyds to call ECNs after stress tests

Lloyds and Royal Bank of Scotland were quick to react to the results of the Bank of England’s stress tests on Tuesday, with RBS announcing plans to sell £2bn to boost its capital ratio — despite passing the tests — and Lloyds revealing its intention to call several series of enhanced capital notes (ECNs) that the BoE’s Prudential Regulatory Authority did not count as contributing towards the bank’s common equity tier one ratio.