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Lloyds bondholders don’t score as regulators move goalposts

The problems of UK junior bond investors show the murkiness in hybrid securities

Lloyds bondholders don’t score as regulators move goalposts

Trying to walk a line between equity and debt is a precarious game — especially when it comes to investing in banks.

UK investors in junior bonds issued by Lloyds Banking Group designed to convert into stock if the bank faces life-threatening losses are rediscovering this painfully.

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