Published on 11/26/2013 in the Prospect News Structured Products Daily.
New Issue: Lloyds prices $5 million callable step-up notes with 4% initial rate
By Jennifer Chiou
New York, Nov. 26 - Lloyds TSB Bank plc has priced a total of $5 million of callable step-up fixed-rate notes due Nov. 27, 2028, according to a 424B5 filing with the Securities and Exchange Commission.
Barclays is the agent.
The original $3 million priced on Nov. 14.
The coupon will be 4% for the first 10 years, stepping up to 5% on Nov. 27, 2023, to 6% on Nov. 27, 2025, to 7% on Nov. 27, 2026 and to 8% on Nov. 27, 2027. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Nov. 27, 2023.
Issuer: | Lloyds TSB Bank plc
|
Issue: | Callable fixed-rate step-up notes
|
Amount: | $5 million (up from original $3 million)
|
Maturity: | Nov. 27, 2028
|
Coupon: | 3.4% initially, stepping up to 4% on Nov. 27, 2023, to 5% on Nov. 27, 2025, to 6% on Nov. 27, 2027, to 7% on Nov. 27, 2029 and to 8% on Nov. 27, 2031; payable semiannually
|
Price: | Variable
|
Payout at maturity: | Par
|
Call option: | At par on any interest payment date beginning Nov. 27, 2023
|
Pricing dates: | Nov. 14 (for $3 million); Nov. 25 (for $2 million)
|
Settlement date: | Nov. 27
|
Agent: | Barclays
|
Fees: | 3%
|
Cusip: | 5394E8CD9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.