New Issue: Lloyds prices $3.81 million 15-year callable step-up notes with 2.5% initial rate

By Toni Weeks

San Diego, Oct. 22 - Lloyds TSB Bank plc priced $3.81 million of callable fixed-rate step-up notes due Oct. 30, 2027, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be 2.5% for the first three years, stepping up to 3% on Oct. 30, 2015, to 3.5% on Oct. 30, 2018, to 4% on Oct. 30, 2021 and to 5% on Oct. 30, 2024. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after three years.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Lloyds TSB Bank plc
Issue:	Callable fixed-rate step-up notes
Amount:	$3,812,000
Maturity:	Oct. 30, 2027
Coupon:	2.5% initially, stepping up to 3% on Oct. 30, 2015, to 3.5% on Oct. 30, 2018, to 4% on Oct. 30, 2021 and to 5% on Oct. 30, 2024; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Oct. 30, 2015
Pricing date:	Oct. 19
Settlement date:	Oct. 30
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	5394E8BH1

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