Precipice bond structure defended

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Lloyds Treasury, the capital markets division of the UK’s Lloyds TSB, has defended its structuring of controversial high-income equity-linked bonds – commonly called ‘precipice bonds’ – sold in the late 1990s that are the subject of a widely publicised Financial Services Authority (FSA) mis-selling investigation.

Tamlin Nall, director of product development and structured finance at Lloyds Treasury Services in London, says any controversy should focus purely on how the product was so

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