By Angela McDaniels
Tacoma, Wash., July 22 - Lloyds TSB Bank plc priced $3 million of callable capped CMS steepener notes due July 29, 2033, according to a 424B5 filing with the Securities and Exchange Commission.
Barclays is the agent.
The coupon is 9.85% for the first year. Beginning July 29, 2014, the interest rate will be (a) four times (b) the 30-year Constant Maturity Swap rate minus the two-year CMS rate minus 50 basis points, subject to a minimum rate of zero and a maximum rate of 9.85% per year. Interest is payable quarterly.
The payout at maturity will be par.
Beginning July 29, 2018, the notes will be callable at par on any interest payment date.
The issuer said it may increase the issue size prior to the settlement date but is not required to do so.
| Issuer: | Lloyds TSB Bank plc
|
| Issue: | Callable capped CMS steepener notes
|
| Amount: | $3 million
|
| Maturity: | July 29, 2033
|
| Coupon: | 9.85% initially; beginning July 29, 2014, four times spread of 30-year CMS rate over two-year CMS rate minus 50 bps, subject to floor of zero and cap of 9.85% per year; payable quarterly
|
| Price: | Variable prices between 95 and 100
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning July 29, 2018
|
| Pricing date: | July 19
|
| Settlement date: | July 29
|
| Agent: | Barclays
|
| Fees: | Up to 5%
|
| Cusip: | 5394E8BY4
|
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