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M&A

CoCos prove an easy nut to crack for Lloyds

By Jennifer Hughes

Published: November 23 2009 22:30 | Last updated: November 23 2009 22:30

There was a sigh of relief in banking circles on Monday following strong bondholder demand to exchange existing Lloyds Banking Group bonds for new contingent convertible notes.

The notes, known as CoCos, are being touted by a growing number of regulators as a way to help banks and other financial groups rebuild and strengthen their capital.

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