Lloyds plans callable step-up notes due 2028 with 3% initial rate

By Toni Weeks

San Diego, Jan. 24 - Lloyds TSB Bank plc plans to price callable step-up fixed-rate notes due Feb. 14, 2028, according to a 424B5 filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch is the agent.

The coupon will be 3% for the first five years, stepping up to 3.1% plus a spread on Feb. 14, 2018 and to 3.85% plus a spread on Feb. 14, 2023. The spread will be at least 0 basis points and will be determined at pricing. Interest is payable semiannually.

The payout at maturity will be par.

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

The notes (Cusip: 5394E8BM0) are expected to price Feb. 7 and settle Feb. 14.

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