Published on 2/7/2013 in the Prospect News Structured Products Daily.
New Issue: Lloyds sells $14.92 million callable step-up notes with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., Feb. 7 - Lloyds TSB Bank plc priced $14.92 million of callable step-up fixed-rate notes due Feb. 14, 2028, according to a 424B5 filing with the Securities and Exchange Commission.
BofA Merrill Lynch is the agent.
The coupon will be 3% for the first five years, stepping up to 3.98% on Feb. 14, 2018 and to 4.73% on Feb. 14, 2023. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after five years.
Issuer: | Lloyds TSB Bank plc
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Issue: | Callable fixed-rate step-up notes
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Amount: | $14,924,000
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Maturity: | Feb. 14, 2028
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Coupon: | 3% initially, stepping up to 3.98% on Feb. 14, 2018 and to 4.73% on Feb. 14, 2023; 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 Feb. 14, 2018
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Pricing date: | Feb. 5
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Settlement date: | Feb. 14
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 5394E8BM0
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