RE: Good message from todays RNS10 Feb 2026 17:56
This means the QMTNs are underwritten by Lloyds of London because the collateral backing the QMTNs is underwritten by Lloyds of London.
For example, I put up collateral for a loan and if I don't pay back the loan then I lose the collateral.
This is the same for QGP, they are using collateral which is underwritten by Lloyds to back the QMTNs.
If QGP don't pay the interest on the QMTNs or don't pay the maturity of $200m then they lose the collateral or Lloyds have to payt up to Valereum because they've underwritten the collateral.