Lloyds decides not to redeem 750 million euro CoCo bond due to COVID-19 crisis

LONDON (Reuters) - Lloyds Banking Group told investors on Friday it would not redeem a 750 million euro contingent convertible (CoCo) bond as it seeks to keep its balance sheet strong in the face of the COVID-19 crisis.Britain's biggest domestic lender said it would not exercise its call option on the Additional Tier 1 bond - a type of CoCo instrument - on June 27 and that the bonds would reset to a new fixed coupon until the next option call date on June 27 2025.Lloyd said it remained strongly..