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by : Alpha Insurance Analysts Limited

The £500 million subordinated bond being placed by the Corporation of Lloyd’s has attracted £1 billion of orders from institutional investors, driving pricing down.

The debt is a 10 year callable sterling subordinated bond and will be used to replace an issue that the Corporation is in the process of buying back. It will be recognised as Tier 2 capital and the paper will be callable after 5 years, allowing Lloyd’s to create a more stable form of capital and making it less reliant on its members’ liquidity.

Lloyd’s had a subordinated debt pile of £714 million as of May 2013. Its last three entries into the subordinated debt markets saw it sell a £500 million perpetual non-call 10 year Tier 1 bond in 2007 and two Tier 2 bonds (one euro and one sterling) in 2004 and 2005.