By Toni Weeks
San Luis Obispo, Calif., July 11 - Lloyds TSB Bank plc priced $3 million of callable capped CMS steepener notes due July 26, 2033, according to a 424B5 filing with the Securities and Exchange Commission.
Barclays is the agent.
The coupon is 11.15% for the first year. Beginning July 26, 2014, the rate will be 4.5 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, subject to a minimum rate of zero and a maximum rate of 11.15% per year. Interest is payable quarterly.
The payout at maturity will be par.
Beginning July 26, 2015, the notes will be callable at par on any interest payment date.
The issuer said it may increase the issue size prior to the settlement date but is not required to do so.
| Issuer: | Lloyds TSB Bank plc
|
| Issue: | Callable capped CMS steepener notes
|
| Amount: | $3 million
|
| Maturity: | July 26, 2033
|
| Coupon: | 11.15% initially; beginning July 26, 2014, 4.5 times spread of 30-year CMS rate over five-year CMS rate, subject to floor of zero and cap of 11.15% per year; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning July 26, 2015
|
| Pricing date: | July 10
|
| Settlement date: | July 26
|
| Agent: | Barclays
|
| Fees: | Up to 5%
|
| Cusip: | 5394E8BV0
|
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