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Lloyds plans 15-year callable step-up notes with 5% initial rate
By Jennifer Chiou
New York, Feb. 1 - Lloyds TSB Bank plc plans to price fixed-rate step-up callable notes due Feb. 17, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first five years, stepping up to 5.5% on Feb. 17, 2017 and to 7.5% on Feb. 17, 2022. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date on or after Feb. 17, 2017.
The notes (Cusip: 5394E8AK5) are expected to price on Feb. 10 and settle on Feb. 17.
Bank of America Merrill Lynch is the agent.
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