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Lloyds plans callable contingent coupon notes on S&P 500 via Barclays
By Susanna Moon
Chicago, July 10 - Lloyds TSB Bank plc plans to price senior callable contingent coupon step-up fixed-rate notes linked to the S&P 500 index due July 23, 2024, according to a 424B5 filing with the Securities and Exchange Commission.
Barclays Capital Inc. is the agent.
If the index closes at or above the barrier level of 890 on a valuation date, the notes will pay a coupon of 4% to but excluding July 23, 2016, 5% to but excluding July 23, 2020 and 7.5% after that until maturity. Interest will be payable monthly.
The payout at maturity will be par.
The notes will be callable at par on any quarterly date beginning July 23, 2017.
The notes will price on July 19 and settle on July 23.
The Cusip number is 5394E8BD0.
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