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Barclays plans callable step-up notes with 5% initial rate for Lloyds
By Susanna Moon
Chicago, July 7 - Lloyds TSB Bank plc plans to price callable step-up fixed-rate notes due July 28, 2026, according to a 424B5 filing with the Securities and Exchange Commission.
Lloyds Banking Group plc is the guarantor. Barclays Capital Inc. is the agent.
The coupon is 5% for the first seven years. After that, it will step up to 5.5% on July 28, 2018, to 7.25% on July 28, 2021 and to 10% on July 28, 2024. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning July 28, 2018.
The notes will settle on July 28.
The Cusip is 5394E8AB5.
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