New Issue: Lloyds sells $14.92 million callable step-up notes with 3% initial rate

By Toni Weeks

San Luis Obispo, Calif., Feb. 7 - Lloyds TSB Bank plc priced $14.92 million of callable step-up fixed-rate notes due Feb. 14, 2028, according to a 424B5 filing with the Securities and Exchange Commission.

BofA Merrill Lynch is the agent.

The coupon will be 3% for the first five years, stepping up to 3.98% on Feb. 14, 2018 and to 4.73% on Feb. 14, 2023. 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.

Issuer:	Lloyds TSB Bank plc
Issue:	Callable fixed-rate step-up notes
Amount:	$14,924,000
Maturity:	Feb. 14, 2028
Coupon:	3% initially, stepping up to 3.98% on Feb. 14, 2018 and to 4.73% on Feb. 14, 2023; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Feb. 14, 2018
Pricing date:	Feb. 5
Settlement date:	Feb. 14
Agent:	BofA Merrill Lynch
Fees:	1.75%
Cusip:	5394E8BM0

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