View more on these topics

Lloyds announces exchange offer for Cleri Med debt

Lloyds Banking Group has announced an invitation to exchange three of Clerical Medical’s subordinated tier two bonds for new Lloyds TSB Bank senior bonds.

The purpose of the exchange is to create additional core tier one capital at Lloyds Banking Group to improve and strengthen its capital base.

Bondholders can either opt for new sterling senior notes which will be consolidated with Lloyd’s existing 6.375 per cent notes due April 15, 2014 or take new euro notes which are to be consolidated with the existing 6.250 per cent April 15, 2014 bonds.

The exchange offer expires on July 9 with the option for an early expiration deadline on July 7 if it receives acceptances from at least £10 m in respect of the sterling notes or 10m euros of the euro notes.


S&P announce ‘record dividend low’

Standard & Poor’s (S&P), the index provider, announced yesterday that a record low companies increased their dividend during the second quarter of 2009.Of the 7,000 publicly owned companies that report dividend information to S&Ps Dividend Record, just 233 increased their dividend payment during the quarter. This represents a 48.8% drop from the 455 issues that […]

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment