Lloyds won't redeem 750m euro CoCo bond amid COVID-19 crisis

LONDON (Reuters) - Lloyds Banking Group told investors on Friday it would not redeem a 750 million euro "CoCo" bond, a move that would have reduced its capital base just as banks face a spike in bad loans during 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 contingent convertible instrument and the riskiest debt banks can issue - on June 27. The bonds will reset to a new fixed coupon until the next call..