Lloyd’s strengthens capital with £300m bond
Lloyd's has strengthened its capital position through the issuance of a new £300 million 30-year Non-Call 10 subordinated bond.
The bond attracted more than £2 billion of orders from investors following its announcement on January 24. The final pricing was at UK Government 10-year Gilts plus 330 basis points.
The new bond counts as Tier 2 capital and is being used for general corporate purposes, including ensuring Lloyd’s retains an efficient capital base.
John Parry, Lloyd’s CFO, said: "Interest from investors was outstanding - underlining the strength of Lloyd’s and its brand. This new £300 million issue reinforces our efficient capital structure that offers excellent security to policyholders. This is reflected in Lloyd’s financial strength ratings of A+ with Standard & Poor’s, AA- with Fitch Ratings and A with AM Best.”
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