Appeal court says bank can redeem enhanced capital notes,overturning earlier ruling that blocked Lloyds from forcing investors to net just their face valueLloyds Banking Group hopes to be able to save approximately £1bn in interest payments over five years by buying back bonds it issued shortly after the financial crisis.
The bailed-out bank had been blocked from forcing holders of the bonds – which paid rates of between 6% and 16% – to receive only their face value earlier in the year. At the time, private investors convinced the tall court that Lloyds should not be allowed to take such action.
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Source: theguardian.com