By Marisa Wong
Madison, Wis., Jan. 29 - Lloyds TSB Bank plc priced $18.05 million of callable CMS steepener notes due Jan. 31, 2033, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, the rate will be (a) 4.3 times (b) the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus a strike of 50 basis points, subject to a minimum rate of 0% and a maximum rate of 9%. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after four years.
Bank of America Merrill Lynch is the agent.
| Issuer: | Lloyds TSB Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Amount: | $18.05 million
|
| Maturity: | Jan. 31, 2033
|
| Coupon: | 9% initially, beginning Jan. 31, 2014 (a) 4.3 times (b) spread of 30-year CMS rate over five-year CMS rate minus a strike of 50 bps, with a minimum rate of 0% and a maximum rate of 9%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Jan. 31, 2017
|
| Pricing date: | Jan. 25
|
| Settlement date: | Jan. 31
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 6%
|
| Cusip: | 5394E8BK4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
