Lloyds to price callable step-up notes due 2027 via Merrill Lynch

By Angela McDaniels

Tacoma, Wash., July 3 - Lloyds TSB Bank plc plans to price callable step-up fixed-rate notes due July 19, 2027, according to a 424B5 filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch is the agent.

The initial interest rate will be at least 4% in years one through five. The interest rate will be equal to the initial interest rate plus 100 basis points in years six through 10 and the initial interest rate plus 200 bps in years 11 through 15. The exact interest rates will be set at pricing. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning July 19, 2017, the notes will be callable at par on any interest payment date.

The notes are expected to price July 12 and settle July 19.

The Cusip number is 5394E8AZ2.

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