Lloyds Bank accepts tenders for £950.27 million of notes; pricing set

By Susanna Moon

Chicago, June 23 – Lloyds Bank plc said it took in tenders for £950,273,348 of sterling and euro notes in the capped offers that ended at

The capped tender was being made at the same time as an offer for dollar notes that ended at 5 p.m. ET on Tuesday.

In the capped offer, investors had tendered the following amounts with pricing was set at 9 a.m. ET on June 23, according to a company notice:

• £80,855,000 of the £250 million 2.5% notes due June 2022 and all of those notes will be accepted for purchase. Pricing was set at 106.784% of par using a spread of 70 basis points over the 4% Gilt due March 2022 for a reference yield of 0.376% and a repurchase yield of 1.079%;

• €324,329,000 of the €1.35 billion floating-rate notes due September 2019 and all of those notes will be accepted for purchase. The purchase price will be €1,008.50 per €1,000 principal amount;

• €196,225,000 of the €1 billion 0.625% notes due April 2020 and all of those notes will be accepted for purchase. Pricing was set at 102.067% using the interpolated mid-swap rate plus 0 bps for a reference yield of negative 0.108% and a repurchase yield of negative 0.108%;

• €434,789,000 of the €1.5 billion 1% notes due November 2021 and none of those notes will be purchased. Pricing was set at 103.875% using the interpolated mid-swap rate plus 5 bps for a reference yield of 0.066% and a repurchase yield of 0.116%;

• €298,364,000 of the €1.25 billion 1.375% notes due September 2022 and all of those notes will be accepted for purchase. Pricing was set at 105.741% using the interpolated mid-swap rate plus 10 bps for a reference yield of 0.162% and a repurchase yield of 0.262%; and

• €167,611,000 of the €1.25 billion 1.25% notes due January 2025 and all of those notes will be accepted for purchase. Pricing was set at 105.016% using the interpolated mid-swap rate plus 12.5 bps for a reference yield of 0.444% and a repurchase yield of 0.569%.

In addition to the purchase price, Lloyds will also pay accrued interest up to but excluding the settlement date of June 27.

Lloyds Bank plc (+44 20 7158 3981 or liability.management@lloydsbanking.com) is dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or lloydsbank@lucid-is.com) is tender agent.

In the dollar offers, as announced June 21, Lloyds obtained tenders for $257,235,000 of three series of notes guaranteed by Lloyds Banking Group plc and another $1,175,000 principal amount of notes under guaranteed delivery procedures.

The tender results were as follows, with pricing for each $1,000 principal amount:

• $112,051,000 of the $466,152,000 of 2.35% senior notes due 2019 with a purchase price of $1,008.34;

• $70,425,000 of the $466,899,000 of 2.4% senior notes due 2020 with a purchase price of $1,009.03; and

• $74,759,000 of the $515,222,000 of 3.5% senior notes due 2025 with a purchase price of $1,043.90.

Lloyds is a bank and financial services group based in London.

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