Debt-issuance spree helps Lloyds hurdle MREL target

Lloyds bulked up its bail-in buffers in 2018, issuing loss-absorbing debt and raising capital enough to far exceed its regulator-set minimum requirements for eligible liabilities.

The UK lender’s ratio of MREL to risk-weighted assets stood at 32.4% at year-end, up from 25.7% the year prior, and well above its target requirements, excluding regulatory buffers, of 20.7% for 2020 and 25.4% for 2022.

The MREL surge was powered by Lloyd’s issuance of £8.8 billion ($11.5 billion) of senior unsecured

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