By Andrea Heisinger
New York, March 21 - Lloyds TSB Bank plc sold $1.5 billion of 4.2% five-year senior notes on Wednesday to yield Treasuries plus 310 basis points, an informed source said.
The deal was sold at the tight end of talk in the 315 bps area, plus or minus 5 bps, the source said.
The notes (Aa3/A+/AA-) were priced at 99.848 to yield 4.234%. They are non-callable.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC ran the books. Join lead manager was Lloyds Securities Inc.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by Lloyds Banking Group plc.
Lloyds was last in the market with a $2 billion deal of three-year floating-rate notes on Jan. 21, 2011.
The retail bank is based in London and Edinburgh.
| Issuer: | Lloyds TSB Bank plc
|
| Guarantor: | Lloyds Banking Group plc
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 28, 2017
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Joint lead manager: | Lloyds Securities Inc.
|
| Coupon: | 4.2%
|
| Price: | 99.848
|
| Yield: | 4.234%
|
| Spread: | Treasuries plus 310 bps
|
| Call: | Non-callable
|
| Trade date: | March 21
|
| Settlement date: | March 28
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Price talk: | 315 bps area, plus or minus 5 bps
|
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