By Cristal Cody
Tupelo, Miss., Jan. 29 – Lloyds Banking Group plc priced $1 billion of 2.438% senior fixed-to-fixed rate notes due Feb. 5, 2026 at par to yield a spread of 100 basis points over Treasuries on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 120 bps area.
The rate on the notes (A3/BBB+/A+) will reset Feb. 5, 2025 to a fixed rate equal to Treasuries plus 100 bps.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Lloyds Securities Inc. and Morgan Stanley & Co. 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 billion
|
| Description: | Senior fixed-to-fixed rate notes
|
| Maturity: | Feb. 5, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Lloyds Securities Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 2.438%; resets Feb. 5, 2025 to one-year Treasuries plus 100 bps
|
| Price: | Par
|
| Yield: | 2.438%
|
| Spread: | Treasuries plus 100 bps
|
| Call feature: | Feb. 5, 2025 at par
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 120 bps area
|
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