New Issue: Lloyds prices $3 million callable step-up notes with 3.5% initial rate

By Jennifer Chiou

New York, July 26 - Lloyds TSB Bank plc priced $3 million of callable step-up fixed-rate notes due July 29, 2028, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC is the agent.

The coupon will be 3.5% for the first five years, stepping up to 4% on July 29, 2018, to 4.75% on July 29, 2022, to 5.5% on July 29, 2025 and to 7% on July 29, 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 on July 29, 2018.

Issuer:	Lloyds TSB Bank plc
Issue:	Callable fixed-rate step-up notes
Amount:	$3 million
Maturity:	July 29, 2028
Coupon:	3.5% initially, stepping up to 4% on July 29, 2018, to 4.75% on July 29, 2022, to 5.5% on July 29, 2025 and to 7% on July 29, 2027; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning on July 29, 2018
Pricing dates:	July 24
Settlement date:	July 29
Agent:	Morgan Stanley & Co. LLC
Fees:	2%
Cusip:	5394E8BX6

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