Lloyd's has set the terms for the issue of £500m subordinated debt.

The issue, said Lloyd's, would consist of a sterling tranche of £300m which would carry a coupon of 6.875 %, being 207 basis points over the reference gilt and a second tranche of £300m with a coupon of 5.625%, 172 basis points
over the reference mid swap rate.

The sterling tranche would have a final maturity in November 2025 callable from November 2015 and the euro tranche will have a final maturity in November 2024 callable from November 2014.

Lloyd¹s chief executive Nick Prettejohn said: "The success of this issue will further support Lloyd¹s competitive position, by helping to create a long-term robust and flexible capital structure for the society."

The notes have been assigned a rating of BBB+ by Fitch. Standard and Poor's and AM Best have given preliminary ratings of BBB+ and bbb+.

All the ratings carry stable outlooks.

Lloyd¹s said settlement of the issue is expected on 17 November.

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