Published on 1/2/2013 in the Prospect News Structured Products Daily.
New Issue: Lloyds prices $5 million callable step-up notes with 3.2% initial rate
By Jennifer Chiou
New York, Jan. 2 - Lloyds TSB Bank plc priced $5 million of callable fixed-rate step-up notes due Dec. 27, 2032, according to a 424B5 filing with the Securities and Exchange Commission.
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 is par.
The notes will be callable at par on any interest payment date after 10 years.
BofA Merrill Lynch 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
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Maturity: | Dec. 27, 2032
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Coupon: | 3.2% initially, 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; payable semiannually
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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 on Dec. 27, 2022
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Pricing dates: | Dec. 19
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Settlement date: | Dec. 27
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Agent: | BofA Merrill Lynch
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Fees: | 3.5%
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Cusip: | 5394E8BJ7
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