The following table sets out the terms of the outstanding subordinated debt.
Investor Relations
View all 'Investor Relations'The Society of Lloyd’s issued subordinated debt in October 2014 and February 2017
Principal Amount - Issued | GBP 300m |
Principal Amount - Outstanding as at 01/10/2018 | GBP 300m |
Interest Rate | 4.875% per annum |
Term | February 2047 |
Redeemable | February 2027 |
Rank | Solvency II tier two |
Interest Deferral | Breach of regulatory capital / Regulatory intervention |
Issue Price | 99.944% |
Ratings: A.M. Best | A |
Ratings: Fitch | A- |
| Ratings: S&P | A |
* '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"
Downloads
Prospectus for subordinated notes due 2047
3 February 2017 |
Lloyd's solvency coverage ratios
24 January 2017 |
Prospectus for subordinated notes due 2024
28 October 2014 |
Tender Offer notice to noteholders
23 October 2014 |
Sterling tier 2 debt roadshow
15 October 2014 |
Redemption notice to noteholders
10 October 2014 |
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