Published on 10/29/2012 in the Prospect News Structured Products Daily.
New Issue: Lloyds prices $1.19 million more 15-year callable step-up notes with 2.5% initial rate
By Toni Weeks
San Diego, Oct. 29 - Lloyds TSB Bank plc priced another $1,188,000 of callable fixed-rate step-up notes due Oct. 30, 2027, according to a 424B5 filing with the Securities and Exchange Commission.
This brings the total deal size to $5 million. The initial $3,812,000 of the notes priced Oct. 19.
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 is 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
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Issue: | Callable fixed-rate step-up notes
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Amount: | $5 million, increased from $3,812,000
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Maturity: | Oct. 30, 2027
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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
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning Oct. 30, 2015
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Pricing dates: | Oct. 19 (for $3,812,000); Oct. 26 (for $1,188,000)
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Settlement date: | Oct. 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.25%
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Cusip: | 5394E8BH1
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