Lloyds TSB Bank buys back £5 billion of floating-rate covered bonds

By Ashley Montgomery

Kansas City, Kan., Jan. 31 - Lloyds TSB Bank plc announced the early repurchase, effective Tuesday, of portions of its floating-rate covered bonds due 2014, 2015 and 2016.

The following bonds are affected:

• £500 million of floating-rate covered bonds due June 23, 2014;

• £1.5 billion of floating-rate covered bonds due Dec. 22, 2014;

• All £2 billion of floating-rate covered bonds due June 22, 2015; and

• £1 billion of floating-rate covered bonds due Dec. 22, 2016.

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

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