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 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.
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