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Subordinated debt

The Society of Lloyd's issued subordinated debt in October 2014 and February 2017.

The following table sets out the terms of the outstanding subordinated debt.

Principal Amount - Issued GBP 500m  GBP 300m 
Principal Amount - Outstanding as at 01/10/2018 GBP 500m  GBP 300m 
Interest Rate 4.75% per annum  4.875% per annum 
Term October 2024  February 2047 
Redeemable n/a  February 2027 
Rank Lower tier two  Solvency II tier two 
Interest Deferral Breach of regulatory capital / Regulatory intervention  Breach of regulatory capital / Regulatory intervention 
Issue Price 99.227%  99.944% 
Ratings: A.M. Best  A- A- 
Ratings: Fitch A- A- 
Ratings: S&P BBB+ BBB+

* 'Solvency Condition' will be met if the ratio of Capital and Reserves to Net Premiums Written is equal to or exceeds 35%.

The 'Solvency Condition' for interest deferral on the Subordinated Debt was defined in the Prospectus, Nov 2004 and Jun 2007, as the ratio of "Capital and Reserves" to "Net Premiums Written"


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