By Aleesia Forni
Virginia Beach, Aug. 10 – Lloyds Bank plc priced a $2 billion three-tranche offering of senior notes (A1/A/A+) on Monday, according to a market source.
Included in the sale were $300 million of floating-rate notes due 2018 priced to yield Libor plus 78 basis points.
Also, $700 million of 2% notes due 2018 sold at 100 bps over Treasuries.
A third tranche was $1 billion of 2.7% notes due 2020 priced with a 110 bps spread over Treasuries.
The three- and five-year fixed-rate tranches priced tighter than price guidance.
BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Lloyds Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC are the bookrunners.
The notes are guaranteed by Lloyds Banking Group plc.
Proceeds will be used for general corporate purposes.
The retail bank is based in London.
| Issuer: | Lloyds Bank plc
|
| Guarantor: | Lloyds Banking Group plc
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Lloyds Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Maturity: | Aug. 17, 2018
|
| Coupon: | Libor plus 78 bps
|
| Price guidance: | Libor equivalent to three-year fixed-rate notes
|
|
|
| Three-year notes
|
| Amount: | $700 million
|
| Maturity: | Aug. 17, 2018
|
| Coupon: | 2%
|
| Spread: | Treasuries plus 100 bps
|
| Price guidance: | Treasuries plus 105 bps to 110 bps
|
|
|
| Five-year notes
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| Amount: | $1 billion
|
| Maturity: | Aug. 17, 2020
|
| Coupon: | 2.7%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 115 bps to 120 bps
|
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