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Lloyds to price callable step-up notes due 2027 via Barclays
By Angela McDaniels
Tacoma, Wash., May 14 - Lloyds TSB Bank plc plans to price callable step-up fixed-rate notes due June 8, 2027, according to a 424B5 filing with the Securities and Exchange Commission.
Barclays Capital Inc. is the agent.
The interest rate will be 4.25% to 4.75% in years one through five, 5% in years six through eight, 5.5% in years nine through 11, 6.5% in years 12 and 13 and 8.5% in years 14 and 15. The exact initial interest rate will be set at pricing. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning June 8, 2017, the notes will be callable at par on any interest payment date.
The notes (Cusip: 5394E8AT6) are expected to price June 6 and settle June 8.
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