New Issue: Lloyds TSB Bank sells $2 billion 6.5% 10-year notes at 400 bps over Treasuries

By Andrea Heisinger

New York, Sept. 9 - Lloyds TSB Bank plc sold $2 billion 6.5% 10-year senior subordinated notes to yield Treasuries plus 400 basis points, a source close to the deal said Thursday.

The notes (Baa3/BBB/) priced at 99.392 to yield 6.584%. They are non-callable and were sold under Rule 144A.

Bookrunners were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and J.P. Morgan Securities Inc.

The retail bank is based in London and Edinburgh, Scotland.

Issuer:	Lloyds TSB Bank plc
Issue:	Senior subordinated notes
Amount:	$2 billion
Maturity:	Sept. 14, 2020
Bookrunners:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc.
Coupon:	6.5%
Price:	99.392
Yield:	6.584%
Spread:	Treasuries plus 400 bps
Call:	Non-callable
Distribution:	Rule 144A
Trade date:	Sept. 7
Settlement date:	Sept. 14
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB

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