Ignis' Bowie offloads £250m of bank debt

Ignis head of credit portfolio management Chris Bowie has liquidated more than £250m of subordinated financial debt across the group's bond portfolios.

Bowie, who helps oversee about £11bn of fixed income assets at the firm, said the sales were part of risk reduction move across the range over the last few months. The group offloaded £150m of Lloyds Enhanced Capital Notes, more commonly known as CoCos, while Bowie also tendered £40m of ABN Amro subordinated debt. "We thought it was prudent to lower overall portfolio beta in a sector where we still have concerns over balance sheet strength and future debt capital funding requirements," Bowie says. "Much of the sale focussed on reducing the Lloyds ECN's position, but this has not be...