Lloyds aims to shift up to 20% of its opco debt

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By Tyler Davies
13 Jun 2017

Lloyds Bank has launched cash tender offers for about £6bn of dollar, euro and sterling senior bonds, as the UK financial institution looks to shrink the pool of outstanding notes issued from its operating company (opco).

The near £6bn of opco debt included in the offer is split across nine different securities and represents about 20% of Lloyds’ outstanding bonds.

To help market authorities resolve a failing bank, UK financial institutions have started issuing senior bonds out of their holding companies. The idea is that ...

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