EURO CORP-Lloyds hybrid exchange stifles activity

Newswire

LONDON, Nov 23 (Reuters) - All eyes were on the Lloyds bond exchange on Monday as holders of the bank's hybrid bonds tried to calculate where to value them. The cash bond market saw little activity because of the uncertainty around the Lloyds bonds, traders said. Lloyds announced it would swap 8.78 billion pounds ($14.58 billion) of hybrids for a new form of contingent capital called exchange capital notes. [ID:nLK695084] Credit default swap spreads were generally tighter, as European ...

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