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Lloyds plans to price callable step-up notes with 2.5% initial rate
By Toni Weeks
San Diego, Oct. 2 - Lloyds TSB Bank plc plans to price callable step-up fixed-rate notes due Oct. 30, 2027, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC is the agent.
The coupon will be 2.5% for the first three years, stepping up to 3% on Oct. 30, 2015, to 3.5% on Oct. 30, 2018, to 4% on Oct. 30, 2021 and to 5% on Oct. 30, 2024. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date on or after Oct. 30, 2015.
The notes (Cusip: 5394E8BH1) are expected to settle Oct. 30.
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