Deals in Focus: Lloyds Banking Group

Bank contingent capital securities – bonds that convert into equities if a certain stress trigger is breached – are a hot topic in the banking community, potentially offering firms a new strategy for capital management.

Lloyds Banking Group raised £9 billion through a contingent convertible (CoCo) instrument consisting of two separate exchange offers. In some quarters, the deal has been hailed as an endorsement of CoCos. On the plus side, it was oversubscribed and enabled the group to escape the

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