By Cristal Cody
Tupelo, Miss., Jan. 4 – Lloyds Banking Group plc priced $1.5 billion of 4.344% 30-year subordinated tier 2 notes (A3/BBB+/A+) on Thursday at par to yield 155 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company sold the notes on the tight side of initial guidance in the Treasuries plus 160 bps area.
BNP Paribas Securities Corp., Goldman Sachs & Co., Lloyds Securities Inc., BofA Merrill Lynch and UBS Securities LLC were the bookrunners.
The London bank and financial services group plans to use the proceeds for general corporate purposes.
| Issuer: | Lloyds Banking Group plc
|
| Amount: | $1.5 billion
|
| Description: | Subordinated tier 2 notes
|
| Maturity: | Jan. 9, 2048
|
| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs & Co., Lloyds Securities Inc., BofA Merrill Lynch and UBS Securities LLC
|
| Coupon: | 4.344%
|
| Price: | Par
|
| Yield: | 4.344%
|
| Spread: | Treasuries plus 155 bps
|
| Call feature: | Non-callable
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 9
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 160 bps area
|
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