By Aleesia Forni
New York, Jan. 19 – Lloyds Bank plc priced a $1.2 billion two-part offering of senior notes (A1/A/A+) on Tuesday, according to a market source.
There was $750 million of 2.05% three-year notes sold at Treasuries plus 100 basis points.
The notes sold at the tight side of guidance set in the Treasuries plus 105 bps area, having firmed from initial talk in the 110 bps area over Treasuries.
A $450 million floating-rate tranche of three-year notes sold at par to yield Libor plus 100 bps.
Guidance was at the Libor equivalent to the fixed-rate tranche.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Lloyds Securities LLC, Morgan Stanley & Co. LLC and TD Securities 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
|
| Issue: | Senior notes
|
| Amount: | $1.2 billion
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Lloyds Securities LLC, Morgan Stanley & Co. LLC, TD Securities
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 22, 2019
|
| Coupon: | 2.05%
|
| Spread: | Treasuries plus 100 bps
|
| Price guidance: | Treasuries plus 105 bps area, tightened from Treasuries plus 110 bps area
|
|
|
| Three-year floaters
|
| Amount: | $450 million
|
| Maturity: | Jan. 22, 2019
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
| Yield: | Libor plus 100 bps
|
| Price guidance: | Libor equivalent to fixed-rate notes
|
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