Lloyds agrees retail ECN swap

17th Apr 2014 07:37

Lloyds Banking Group has received demand from retail investors to swap 58.5m pounds worth of its Enhanced Capital Notes (ECNs) for new additional Tier 1 (AT1) capital bonds.The FTSE 100 group said it had also now issued around £5.35bn of new AT1 bonds in exchange for £5bn of ECNs as part of separate exchange offers with institutional investors in the UK and USECNs were bonds issued to help bail out the bank in 2009 and are also known as contingent convertibles or Cocos.Settlement of this smaller retail swap is expected around April 24th. OH