Citing a strong capital position and current market conditions, Lloyd’s of London has offered to buy back up to 100 million pounds ($145 million) worth of bonds at a discount.
The offer applies to fixed/floating rate subordinated notes due 2024 and subordinated notes due 2025 as well as perpetual subordinated capital securities. The bonds are all rated A-.
Lloyd’s said the transaction would allow it to benefit from a significant discount on the securities without materially affecting its capital position.
Rating analysts at A.M. Best said the move would not affect their ratings of Lloyd’s.
Was this article valuable?
Here are more articles you may enjoy.
Wildfire Forces Evacuations Across Top Canadian Wine Region 
Lindsay Clancy Trial Focus Turns to Drugs Prescribed Before She Killed Her 3 Children 
Judge Approves $106M Settlement Over Hard Rock Hotel Collapse in New Orleans 
Rhine River Shipping Stalls as Water Level Hits Record Low 
