Lloyds plans callable step-up notes with 3.2% initial rate via Merrill

By Marisa Wong

Madison, Wis., Dec. 7 - Lloyds TSB Bank plc plans to price callable step-up fixed-rate notes due Dec. 27, 2032, according to a 424B5 filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch is the agent.

The coupon will be 3.2% for the first 10 years, stepping up to 4.2% on Dec. 27, 2022, to 5% on Dec. 27, 2027, to 6% on Dec. 27, 2030 and to 7% on Dec. 27, 2031. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date on or after Dec. 27, 2022.

The notes (Cusip: 5394E8BJ7) are expected to settle Dec. 27.

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