By Cristal Cody
Tupelo, Miss., June 8 – Lloyds Banking Group plc priced $1 billion of 1.326% three-year senior callable fixed-to-fixed rate notes (A3/BBB+/A+) at par to yield a spread of 110 basis points over Treasuries on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 140 bps area.
The rate on the notes will reset June 15, 2022 to a fixed rate of one-year Treasuries plus 110 bps.
Goldman Sachs & Co. LLC, Lloyds Securities Inc. and Morgan Stanley & Co. LLC were the bookrunners.
The London bank and financial services group plans to use the proceeds for general corporate purposes.
| Issuer: | Lloyds Banking Group plc
|
| Amount: | $1 billion
|
| Description: | Senior callable fixed-to-fixed rate notes
|
| Maturity: | June 15, 2023
|
| Bookrunners: | Goldman Sachs & Co. LLC, Lloyds Securities Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 1.326%; resets June 15, 2022 to but excluding June 15, 2023 to one-year Treasuries plus 110 bps
|
| Price: | Par
|
| Yield: | 1.326%
|
| Spread: | Treasuries plus 110 bps
|
| Call feature: | June 15, 2022 at par
|
| Trade date: | June 8
|
| Settlement date: | June 15
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 140 bps area
|
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