Lloyds Banking Group Plc’s $15 billion of contingent convertible bonds are underperforming subordinated debt because regulatory changes threaten to prompt repayment of the notes, triggering losses for investors.
Oil rose to the highest level in six months after a U.S. government report showed that fuel supplies tumbled and the Federal Reserve said it will buy an additional $600 billion of Treasuries through June to boost the economy.
Oil fell for the first day in six after the International Energy Agency reduced its demand forecast and the euro surged on European Union plans to help banks. Brent oil’s premium to New York futures increased.
RSM Tenon Group Plc, the U.K.’s seventh-largest accounting and business advisory company, went into administration after takeover talks with Baker Tilly UK Holdings Ltd. fell apart and a key creditor said it wouldn’t relax lending terms.