Lloyds to sell two-part callable fixed-to-floaters due 2023 and 2028

By Devika Patel

Knoxville, Tenn., Oct. 31 – Lloyds Banking Group plc will sell two tranches of senior callable fixed-to-floating rate notes, according to a 424B2 filing with the Securities and Exchange Commission.

The dollar-denominated fixed-to-floaters, due in November 2023 and November 2028, will initially have a fixed coupon until November 2022 and November 2028, respectively, and then an interest rate based on Libor.

The first tranche of fixed-to-floaters have a par call on November 2022. The second tranche of fixed-to-floaters have a par call on November 2028.

Goldman Sachs & Co., J.P. Morgan Securities LLC, Lloyds Securities, Morgan Stanley & Co. LLC and Nomura are the bookrunners.

Proceeds will be used for general corporate purposes.

Lloyds is a bank and financial services group based in London.

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