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Updated Tuesday, November 24, 2009 1:59 pm TWN, Bloomberg

Lloyds to issue up to US$13 bil. ECN securities

LONDON -- Lloyds Banking Group Plc, the UK's biggest mortgage lender, will issue as much as about US$13 billion of enhanced capital notes under its offers to exchange existing securities for new capital. The London-based bank will issue 6.99 billion pounds (US$11.6 billion) of ECNs under its non-U.S. exchange offer, plus 1.48 billion pounds of securities that may take the form of ECNs, new shares or cash, it said in a statement Monday. Lloyds accepted 8.78 billion pounds of securities for exchange under this offer.

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