By Toni Weeks
San Luis Obispo, Calif., March 27 - Lloyds Bank plc priced $3 million of callable capped CMS steepener notes due April 25, 2034, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. After that, the rate will be 4 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus a strike of 25 basis points, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Barclays is the agent.
| Issuer: | Lloyds Bank plc
|
| Issue: | Callable capped CMS steepener notes
|
| Amount: | $3 million
|
| Maturity: | April 25, 2034
|
| Coupon: | 10% for one year; after that, 4 times spread of 30-year CMS rate over two-year CMS rate less 25 bps, capped at 10%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning April 25, 2015
|
| Pricing date: | March 26
|
| Settlement date: | April 25
|
| Agent: | Barclays
|
| Fees: | 5%
|
| Cusip: | 5394E8CL1
|
© 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.
