Doubts raised over viability of Lloyds CoCo bonds trigger

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When the UK's Lloyds Banking Group announced its capital-raising plans on November 3, 2009, including a £13.5 billion rights issue and £7.5 billion of enhanced capital notes (ECNs) or ‘CoCo bonds', it probably didn't realise quite how closely they would be scrutinised.

Five months later, bank analysts and regulators across the world are evaluating the structure and implications of the ECNs, as well as a similar issue by Rabobank in March, as if they had been issued only yesterday.

The reason is

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