COMPANIES Lloyds Banking Group is to issue £7bn in enhanced capital notes (ECNs), a new form of hybrid debt, it announced on Monday, as the first part of its plans for a £22.5bn ($37.1bn) capital raising. The group also increased the amount it said it would raise from US investors in the hybrid debt from $800m to $986m.
Demand for the new credit notes was high, with Lloyds receiving offers to exchange in excess of £12.5bn.
