By Angela McDaniels
Tacoma, Wash., July 6 - Lloyds TSB Bank plc priced $1 million of callable six-month Libor and S&P 500 index range accrual notes due July 20, 2032, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC is the agent.
The interest rate is 8.25% per year multiplied by the proportion of days on which the index closes at or above 990 and six-month Libor is 7% or less. Interest is payable quarterly.
The payout at maturity will be par.
Beginning July 29, 2017, the notes will be callable at par on any interest payment date.
The issuer said it may increase the issue size prior to the issue date but is not required to do so.
| Issuer: | Lloyds TSB Bank plc
|
| Issue: | Range accrual notes
|
| Underlyings: | Six-month Libor and S&P 500 index
|
| Amount: | $1 million
|
| Maturity: | July 20, 2032
|
| Coupon: | 8.25% per year multiplied by proportion of days on which index closes at or above 990 and six-month Libor is 7% or less; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from July 29, 2017 onward
|
| Pricing date: | July 5
|
| Settlement date: | July 20
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 5394E8BA6
|
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