Lloyds plans to price 20-year range accrual notes via Morgan Stanley

By Marisa Wong

Madison, Wis., Feb. 19 - Lloyds TSB Bank plc plans to price callable range accrual notes due Feb. 26, 2033 linked to the Russell 2000 index and the difference between the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC is the agent.

For each day that the index closes at or above 80% of the Feb. 21 closing level and the spread of the 30-year CMS rate over the five-year CMS rate is at least zero, interest will accrue at an annualized rate of 7%. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Feb. 26, 2018.

The notes are expected to settle on Feb. 26.

The Cusip number is 5394E8BQ1.

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