Breakingviews | Lloyds

Considered view

29 Oct 2009 16:29

Closing the GAPS

About Us

Breakingviews.com is the world's leading source of agenda-setting financial insight. breakingviews has 25 correspondents and columnists based in London, New York, Paris, Washington, San Francisco and Madrid. Our aim is to become the lingua franca for the global financial community. Our real-time subscription service currently reaches around 15,000 financial professionals such as investment bankers, senior corporate executives, hedge fund managers, lawyers and private equity professionals.

We reach a broader audience of nearly 4.5m investors and opinion-formers via columns in the following influential newspapers: The New York Times (USA), The Telegraph (UK), The International Herald Tribune, Le Monde (France), El Pais and Cinco Dias (Spain), Handelsblatt (Germany), La Stampa (Italy), NRC Handelsblad (Netherlands), The National (UAE), The Business Times (Singapore), Mint (India) and L’Agefi (Switzerland).

The UK bank appears to need £25bn to exit the state’s loan-loss insurance scheme, but a rights issue could probably provide only half that. Swapping hybrid debt for convertibles would plug the gap, while diluting the government’s stake. But such a plan won’t be easy to execute.

Sign up for a free trial to read the rest of this subscriber-only content, or if you are already a member please sign in here.

Forgotten your password? Get a password reminder.