Published on 8/24/2012 in the Prospect News Structured Products Daily.
New Issue: Lloyds prices $5 million callable step-up notes with 3.5% initial rate
By Jennifer Chiou
New York, Aug. 24 - Lloyds TSB Bank plc priced $5 million of callable step-up fixed-rate notes due Sept. 19, 2027 via Morgan Stanley & Co. LLC, according to a 424B5 filing with the Securities and Exchange Commission.
The interest rate is 3.5% for the first five years. It will step up to 4% on Sept. 19, 2017, to 4.5% on Sept. 19, 2019, to 5% on Sept. 19, 2022, to 5.5% on Sept. 19, 2023, to 6% on Sept. 19, 2024, to 7% on Sept. 19, 2025 and to 10% on Sept. 19, 2026. Interest is payable quarterly.
Beginning on Sept. 19, 2017, the notes will be callable at par on any interest payment date.
The payout at maturity will be par.
Issuer: | Lloyds TSB Bank plc
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Issue: | Callable step-up fixed-rate notes
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Amount: | $5 million
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Maturity: | Sept. 19, 2027
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Coupon: | 3.5% initially, stepping up to 4% on Sept. 19, 2017, to 4.5% on Sept. 19, 2019, to 5% on Sept. 19, 2022, to 5.5% on Sept. 19, 2023, to 6% on Sept. 19, 2024, to 7% on Sept. 19, 2025 and to 10% on Sept. 19, 2026; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on any interest payment date from Sept. 19, 2017 onward
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Pricing date: | Aug. 24
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Settlement date: | Sept. 19
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.25%
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Cusip: | 5394E8BF5
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