By Aleesia Forni
New York, March 17 – Lloyds Banking Group plc sold $1.5 billion of 4.65% subordinated tier 2 debt securities (Baa2/BBB-/A-) due March 24, 2026 at Treasuries plus 278 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.
The notes sold on Thursday at the tight side of guidance set in the Treasuries plus 280 bps area.
Pricing was at 99.77 to yield 4.679%.
BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC and Lloyds Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes.
The retail bank is based in London.
| Issuer: | Lloyds Banking Group plc
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| Description: | Subordinated tier 2 notes
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| Amount: | $1.5 billion
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| Maturity: | March 24, 2026
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| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Lloyds Securities LLC
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| Coupon: | 4.65%
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| Price: | 99.77
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| Yield: | 4.679%
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| Spread: | Treasuries plus 278 bps
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| Trade date: | March 17
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| Settlement date: | March 24
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| Price guidance: | Treasuries plus 300 bps area
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| Ratings: | Moody’s: Baa2
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| Standard & Poor’s: BBB-
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| Fitch: A-
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| Distribution: | SEC-registered
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