Subordinated debt

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

Investor Relations

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"

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|

Contacts

Michelle Cunningham

Manager, Ratings & Investor Relations

+44 (0)20 7327 5434 michelle.cunningham@lloyds.com

Disclaimer

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