By Cristal Cody
Prospect News, April 5 - Lloyds TSB Bank plc (Aa3/A+//DBRS: AA) priced an upsized C$500 million of 5.28% senior Maple bonds due April 19, 2016 at 99.987 to yield 5.283% on Tuesday, an informed source said.
The notes, which were upsized from C$250 million, priced in line with guidance at a spread of 250 basis points versus the Canadian bond curve.
The bonds were sold under the issuer's Canadian private placement wrap under the €50 billion euro medium-term note program.
RBC Capital Markets Corp. and TD Securities Inc. were the lead managers. Co-managers were BMO Capital Markets Corp., CIBC World Markets Inc. and National Bank Financial Inc.
Lloyds, a unit of United Kingdom-based Lloyds Banking Group plc, last was in the Canadian bond market on Sept. 29, 2010 with a sale of C$350 million 4.57% Maple bonds due Oct. 13, 2015, priced at 160 bps versus the curve.
| Issuer: | Lloyds TSB Bank plc
|
| Amount: | C$500 million
|
| Maturity: | April 19, 2016
|
| Securities: | Senior Maple bonds
|
| Bookrunners: | RBC Capital Markets Corp., TD Securities Inc.
|
| Co-managers: | BMO Capital Markets Corp., CIBC World Markets Inc., National Bank Financial Inc.
|
| Coupon: | 5.28%
|
| Price: | 99.987
|
| Yield: | 5.283%
|
| Spread: | 250 bps versus Canadian bond curve
|
| Pricing date: | April 5
|
| Settlement date: | April 19
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| DBRS: AA
|
| Distribution: | Canada
|
| Price talk: | 250 bps over Canadian bond curve
|
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