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Lloyds TSB plans callable steepener notes due 2033 linked to CMS rates
By Susanna Moon
Chicago, Jan. 9 - Lloyds TSB Bank plc plans to price senior callable steepener notes due Jan. 31, 2033 linked to the 30-year and five-year Constant Maturity Swap rates, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, it will be 4.3 times the spread of the 30-year CMS rate over the five-year CMS rate, up to a maximum rate of 9%.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Jan. 31, 2017.
Bank of America Merrill Lynch is the agent.
The notes will price on Jan. 24 and settle on Jan. 31.
The Cusip number is 5394E8BK4.
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