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Bank of Scotland, Lloyds tender for three series of covered bonds
By Jennifer Chiou
New York, May 27 - Bank of Scotland plc and Lloyds Banking Group plc announced the launch of any-and-all cash tender offers for three series of euro or sterling covered bonds.
According to a filing with the London Stock Exchange, the bank said that the tender offers will help Lloyds Banking Group manage its overall wholesale funding position and better optimize its stock of outstanding debt securities while maintaining a prudent approach to liquidity.
The banks will accept tenders for the following:
• £110.35 million of outstanding fixed-to-floating-rate covered bonds due December 2014 issued by Bank of Scotland with a purchase price of £1,000.39 per £1,000 aggregate principal amount;
• €854,323,000 of outstanding 4.75% covered bonds due January 2015 issued by Bank of Scotland with a purchase price to be set using the 3.75% German government bond due January 2015; and
• €1.5 billion of outstanding series 2010-1 fixed-rate covered bonds due March 2015 issued by Lloyds Bank plc with a purchase price to be set using the 2.5% German government bond due February 2015.
Holders will receive accrued interest.
The offers will end at 11 a.m. ET on June 3, and pricing will be determined on June 4.
Settlement is anticipated on June 10.
Participating holders must submit tenders for no less than €50,000 or £50,000 of notes.
Citigroup Global Markets Ltd. (attn: liability management group; 44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Lloyds Bank plc (attn: liability management group; 44 20 7158 2720 or liability.management@lloydsbanking.com) are the dealer managers. Lucid Issuer Services Ltd. (attn: Sunjeeve Patel/Paul Kamminga; 44 20 7704 0880 or bos@lucid-is.com) is the tender agent.
Bank of Scotland is based in Edinburgh.
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