Lloyds Bank talks three-, 10-year notes for Monday pricing

By Aleesia Forni

Virginia Beach, May 11 – Lloyds Bank plc is planning to price a three-tranche offering of senior notes (A1/A/A) on Monday, according to a market source and a 424B2 filed with the Securities and Exchange Commission.

The sale includes fixed-rate notes due 2018 talked in the Treasuries plus high-80 basis points area and a floater due 2018 talked at the Libor equivalent.

BofA Merrill Lynch, Deutsche Bank Securities Inc., Lloyds Securities LLC, J.P. Morgan and TD Securities are the bookrunners for the three-year tranches.

There is also a tranche due 2025 talked in the high-130 bps area over Treasuries.

The notes are guaranteed by Lloyds Banking Group plc.

BofA Merrill Lynch, Deutsche Bank Securities Inc., Lloyds Securities LLC, J.P. Morgan and Wells Fargo Securities LLC are the bookrunners for the 10-year tranche.

Proceeds will be used for general corporate purposes.

The retail bank is based in London.

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