Deals of the year
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| L-R: Daniel Fletcher of Allen & Overy, Stephen Griffin of Linklaters, Donald Guiney of Freshfields Bruckhaus Deringer |
WINNER: Lloyds ECNs
Lloyds’ enhanced capital notes (ECNs) launched both a new class of securities and a global regulatory debate on contingent capital instruments. The ECNs intuitively address the need for a bank to have a countercyclical capital buffer by converting to equity once capital reserves dip below a pre-determined threshold.
The structuring of the securities overcame EU state aid provisions, and incorporated them into a waterfall structure that allowed existing holders to choose whether to take the ECNs, ordinary shares or a combination of the two.
Allen & Overy - dealer managers, ECN trustee
Freshfields Bruckhaus Deringer - joint global-coordinators, joint sponsors and dealer managers on the rights issue part of the capital raising
Linklaters - Lloyds TSB and Lloyds Banking Group
Maclay Murray Spens - Lloyds (Scottish law)
ALSO NOMINATED:
BPCE exchange offerAt the time...