Lloyds plans to price 20-year range accrual notes via Morgan Stanley

By Angela McDaniels

Tacoma, Wash., July 3 - Lloyds TSB Bank plc plans to price callable six-month Libor and S&P 500 index range accrual notes due July 20, 2032, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC is the agent.

The interest rate will be 8.25% per year multiplied by the proportion of days on which the index closes at or above 990 and six-month Libor is 7% or less. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning July 29, 2017, the notes will be callable at par on any interest payment date.

The notes are expected to settle July 20.

The Cusip number is 5394E8BA6.

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