New Issue: Lloyds prices $11 million callable CMS steepener notes via Barclays

By Susanna Moon

Chicago, April 25 - Lloyds TSB Bank plc priced $11 million of callable CMS steepener notes due April 26, 2027, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be 8% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, with a minimum rate of 0.25% and up to a maximum rate of 8% until April 26, 2018, 8.5% until April 26, 2022, 9% until April 26, 2024, 10% until April 26, 2026 and 12% after that until maturity. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after three years.

Barclays Capital Inc. is the agent.

Issuer:	Lloyds TSB Bank plc
Issue:	Callable CMS steepener notes
Amount:	$11 million
Maturity:	April 26, 2027
Coupon:	8% initially; beginning April 26, 2013, four times spread of 30-year CMS rate over two-year CMS, floor of 0.25%, and capped at 8% to April 26, 2018, 8.5% to April 26, 2022, 9% to April 26, 2024, 10% to April 26, 2026 and 12% after that until maturity; payable quarterly
Price:	Variable
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning April 26, 2015
Pricing date:	April 23
Settlement date:	April 26
Agent:	Barclays Capital Inc.
Fees:	5%
Cusip:	5394E8AN9

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