Lloyds prepares to offer two senior callable fixed-to-fixed notes

By Mary-Katherine Stinson

Lexington, Ky., Aug. 4 – Lloyds Banking Group plc announced it will be offering two tranches of senior callable fixed-to-fixed rate notes in a 424B2 filing on Thursday morning.

The notes will mature in August 2026 and August 2033.

In both cases, the fixed rate will reset one year before the maturity dates.

The notes feature a par call on the reset dates at the option of the issuer.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Lloyds Securities Inc., Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the joint bookrunning managers for the 2026 notes.

Citigroup, Goldman Sachs, Lloyds Securities Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC are the joint bookrunning managers for the 2033 notes.

Bank of New York Mellon is the trustee.

Davis Polk & Wardwell London LLP is advising the issuer with CMS Cameron McKenna Nabarro Olswang LLP helping for Scottish law. Counsel for the underwriters is Allen & Overy LLP.

Proceeds will be used for general corporate purposes.

The retail and commercial bank is based in Edinburgh, with operational headquarters in London.

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