New Issue: Lloyds prices $12 million callable step-up notes with 4.2% initial rate

By Toni Weeks

San Diego, July 23 - Lloyds TSB Bank plc priced $12 million of callable step-up fixed-rate notes due July 23, 2032 via Barclays Capital Inc., according to a 424B5 filing with the Securities and Exchange Commission.

The interest rate is 4.2% for the first 12 years. It will step up to 6.25% on July 23, 2024, to 7.25% on July 23, 2026 and to 8.25% on July 23, 2029. Interest is payable semiannually.

The payout at maturity will be par.

Beginning July 23, 2022, the notes will be callable at par on any interest payment date.

Issuer:	Lloyds TSB Bank plc
Issue:	Callable step-up fixed-rate notes
Amount:	$12 million
Maturity:	July 23, 2032
Coupon:	4.2% initially, stepping up to 6.25% on July 23, 2024, to 7.25% on July 23, 2026 and to 8.25% on July 23, 2029; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on any interest payment date from July 23, 2022 onward
Pricing date:	July 19
Settlement date:	July 23
Agent:	Barclays Capital Inc.
Fees:	4%
Cusip:	5394E8BE8

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