Published on 4/10/2013 in the Prospect News Structured Products Daily.
New Issue: Lloyds prices $3 million callable CMS steepener notes via Barclays
By Marisa Wong
Madison, Wis., April 10 - Lloyds TSB Bank plc priced $3 million of callable CMS steepener notes due April 26, 2033, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 12.5% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, subject to a minimum rate of 0% and a maximum rate of 12.5%. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after 10 years.
Barclays is the agent.
Issuer: | Lloyds TSB Bank plc
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Issue: | Callable CMS steepener notes
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Amount: | $3 million
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Maturity: | April 26, 2033
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Coupon: | 12.5% initially; beginning April 26, 2014, four times spread of 30-year CMS rate over five-year CMS rate, with floor of 0% and cap of 12.5%; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning April 26, 2023
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Pricing date: | April 10
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Settlement date: | April 26
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Agent: | Barclays
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Fees: | 4.25%
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Cusip: | 5394E8BR9
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