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Lloyds Banking Group PLC Capital/Financing Update 2016
4691_rns_2016-01-25_4cf77674-ce9c-4489-88ca-3ba6980b6942.pdf
Capital/Financing Update
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Final Terms dated 21 January 2016
Lloyds Bank plc
Issue of EUR 629,000,000 Fixed to Floating Rate Notes due January 2018 under the Global Medium Term Note Programme
PART A — CONTRACTUAL TERMS
These Final Terms constitute Issue Terms for the purposes of the Base General Conditions. Terms used herein shall be deemed to be defined as such for the purposes of the Base Conditions set forth in the Prospectus dated 9 April 2015 and the supplemental prospectuses dated 11 May 2015, 12 August 2015 and 5 November 2015 which together constitutes a base prospectus for the purposes of the Prospectus Directive. This document constitutes the final terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Prospectus as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus as so supplemented. The Prospectus and the supplemental prospectuses are available for viewing at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html and copies may be obtained from Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN.
The expression “Prospectus Directive” means Directive 2003/71/EU (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU.
- Issuer: Lloyds Bank plc
- (i) Series Number: WMTN0218
(ii) Tranche Number: 1 - Specified Currency: Euro (“EUR”)
- Aggregate Nominal Amount
(i) Series: EUR 629,000,000
(ii) Tranche: EUR 629,000,000 - Issue Price: 100.05 per cent. of the Aggregate Nominal Amount
- (i) Specified Denominations: EUR 100,000
(ii) Calculation Amount: EUR 100,000 - (i) Issue Date: 25 January 2016
(ii) Trade Date: 18 January 2016 - Maturity Date: 25 January 2018
- Business Day Convention: Modified Following Business Day Convention (Adjusted)
- Business Centre(s): London and TARGET
- Calculation Agent: Citibank N.A., London Branch
- Alternative Currency Equivalent: Not Applicable
- Synthetic Currency Asset Conditions: Not Applicable
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PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
| 14 | Fixed Rate Note Provisions | Not Applicable |
|---|---|---|
| 15 | Floating Rate Note Provisions | Not Applicable |
| 16 | Zero Coupon Note Provisions | Not Applicable |
| 17 | Index Linked Interest Provisions | Not Applicable |
| 18 | Inflation Linked Interest Provisions | Not Applicable |
| 19 | Currency Linked Interest Provisions | Not Applicable |
| 20 | Commodity Linked Interest Provisions | Not Applicable |
| 21 | Rate Linked Interest Provisions | Not Applicable |
| 22 | Multi-Asset Basket Linked Interest Provisions | Not Applicable |
| 23 | Structured Floating Rate Coupon | Not Applicable |
| 24 | Inverse Floating Rate Coupon | Not Applicable |
| 25 | Fixed Rate Step-Up/Step-Down Coupon | Not Applicable |
| 26 | Fixed to Floating Coupon | Applicable |
| (i) | Interest Commencement Date: | 25 January 2016 (Issue Date) |
| (ii) | Coupon Flip Date: | 25 January 2017 |
| Fixed Rate Provisions | ||
| (i) | Fixed Rate of Interest: | Interest Accrual Period: |
| All Interest Accrual Periods falling in the period from and including 25 January 2016 (Issue Date) to but excluding 25 January 2017 (Coupon Flip Date) | ||
| (ii) | Interest Period Date(s): | Each Interest Payment Date |
| (iii) | Interest Payment Date(s) | 25 April 2016, 25 July 2016, 25 October 2016 and 25 January 2017; in each case subject to adjustment in accordance with the Business Day Convention |
| (iv) | Fixed Coupon Amount(s): | Not Applicable |
| (v) | Broken Amount(s): | Not Applicable |
| (vi) | Day Count Fraction: | Actual/360 |
| (vii) | Business Day Convention: | Modified Following Business Day Convention (Adjusted) |
| Floating Rate Provisions | ||
| (i) | Interest Period Date(s): | Each Interest Payment Date |
| (ii) | Interest Payment Date(s): | 25 April 2017, 25 July 2017, 25 October 2017 and 25 January 2018; in each case subject to adjustment in accordance with the Business Day Convention |
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(iii) Business Day Convention: Modified Following Business Day Convention (Adjusted)
(iv) Party responsible for calculating the interest due (if not the Calculation Agent): Not Applicable
(v) Relevant Rate:
(b) ISDA Determination: Not Applicable
(c) Screen Rate Determination: Applicable
- Reference Rate: 3 month EURIBOR
- Valuation Date(s): Two (2) TARGET Business Days prior to the beginning of each Interest Accrual Period
- Relevant Screen Page: Reuter’s EURIBOR01 (11 a.m. Brussels time fixing)
(d) CMS Rate Determination: Not Applicable
(e) Rates Variance Determination: Not Applicable
(vi) Day Count Fraction: Actual/360
(vii) Leverage: Not Applicable
(viii) Margin:
| Interest Accrual Period: | Margin: +0.45 per cent. per annum |
| --- | --- |
| All Interest Accrual Periods falling in the period from and including 25 January 2017 (Coupon Flip Date) to but excluding 25 January 2018 (Maturity Date) | |
(ix) Cap: Not Applicable
(x) Floor: As per the Base Condition 5(b)(ii)
27 Floating to Fixed Coupon: Not Applicable
28 Fixed to Floating Switchable Coupon: Not Applicable
29 Floating to Fixed Switchable Coupon: Not Applicable
30 Fixed Rate Range Accrual Coupon: Not Applicable
31 Floating Rate Range Accrual Coupon: Not Applicable
32 Fixed Rate Dual Range Accrual Coupon: Not Applicable
33 Floating Rate Dual Range Accrual Coupon: Not Applicable
34 Digital Coupon: Not Applicable
35 Inflation-Linked Coupon: Not Applicable
36 Inflation Protected Coupon: Not Applicable
37 Performance Coupon: Not Applicable
38 Annualised Performance Coupon: Not Applicable
PROVISIONS RELATING TO REDEMPTION
| 39 | Put/Call Options | Not Applicable |
|---|---|---|
| 40 | Call Option | Not Applicable |
| 41 | Put Option | Not Applicable |
| 42 | Target Auto Redemption | Not Applicable |
| 43 | Autocall | Not Applicable |
| 44 | Final Redemption Amount | EUR 100,000 per Calculation Amount |
| 45 | Early Redemption Amount | |
| Early Redemption Amount(s): | Par | |
| 46 | Unwind Costs | Not Applicable |
| 47 | Expenses | Not Applicable |
| 48 | Index Linked Redemption Provisions | Not Applicable |
| 49 | Inflation Protected Redemption Provisions | Not Applicable |
| 50 | Currency Linked Redemption Provisions | Not Applicable |
| 51 | Commodity Linked Redemption Provisions | Not Applicable |
| 52 | Rate Linked Redemption Provisions | Not Applicable |
| 53 | Multi-Asset Basket Linked Redemption Provisions | Not Applicable |
| 54 | Performance Redemption | Not Applicable |
| 55 | Performance Plus Downside Redemption | Not Applicable |
| 56 | Performance Plus Conditional Downside Redemption | Not Applicable |
| 57 | Absolute Performance Redemption | Not Applicable |
| 58 | Reverse Convertible Redemption | Not Applicable |
| 59 | Reverse Convertible Plus Conditional Downside Redemption | Not Applicable |
| 60 | Inflation Protected Redemption | Not Applicable |
| 61 | Dual Currency Redemption | Not Applicable |
GENERAL PROVISIONS APPLICABLE TO THE NOTES
| 62 | Form of Notes | Bearer Notes - Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note |
|---|---|---|
| 63 | New Global Note | No |
| 64 | Additional Disruption Events | Not Applicable |
65 Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature) Not Applicable
66 Details relating to Instalment Notes: amount of each instalment, date on which each payment is to be made Not Applicable
DISTRIBUTION
67 U.S. Selling Restrictions Reg S Category 2; TEFRA D
LISTING AND ADMISSION TO TRADING APPLICATION
These Final Terms comprise the final terms required for issue and admission to trading of the Notes described herein pursuant to the Global Medium Term Note Programme of Lloyds Bank plc and Lloyds Banking Group plc.
Signed on behalf of the Issuer:
By:
Duly authorised
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PART B — OTHER INFORMATION
1 LISTING AND ADMISSION TO TRADING
(i) Listing and admission to trading: Application is expected to be made by the Issuer (or on its behalf) for the Notes to be listed on the Official List of the UK Listing Authority and to be admitted to trading on the London Stock Exchange with effect from the Issue Date.
(ii) Estimate of total expenses related to admission to trading: GBP 3,600 plus VAT
2 RATING
Ratings: The Notes to be issued have been rated: S&P: A
3 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
“Save as discussed in “Selling Restrictions”, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.”
4 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i) Reasons for the offer: Please refer to the section entitled “Use of Proceeds” in the Base Prospectus
(ii) Estimated net proceeds: Not Applicable
(iii) Estimated total expenses: Not Applicable
5 HISTORIC INTEREST RATES
Details of historic EURIBOR rates can be obtained from Reuters.
6 OPERATIONAL INFORMATION
ISIN: XS1350033798
Common Code: 135003379
Swiss Securities Number Not Applicable (Valorennummer):
WKN Number (Wertpapierkennnummer): Not Applicable
Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification number(s): Not Applicable
Delivery: Delivery against payment
Names and addresses of additional Paying Agent(s) (if any): Not Applicable
7 INDEX DISCLAIMER
Not Applicable