Bond Factsheet
LLOYDS 12.000% Perpetual Corp (USD)
Lloyds Bank PLC
Indicative
Full Lot
Bid Price 100.093
Change in Bid Price
-
Bid Yield (%) 12.098 %
Change in Bid Yield 0.001
Ask Price 100.155
Change in Ask Price
-
Ask Yield (%) 12.072 %
Change in Ask Yield
-
Indicative price as of 15 Feb 2022, 12:00am
Bond Issuer
Lloyds Bank PLC
Guarantor
-
Announcement Date
15 Dec 2009
Issue Date
16 Dec 2009
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.192
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
12.000
Coupon Type
Variable
Annual Coupon Rate
12.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Date = 16Dec2024 and every 3 months thereafter
Reset Rate = US 3M Libor + 11.756%
ISIN
XS0474660676
CUSIP
EI0849972
Bond Currency
USD
Total Issue Size
-
Outstanding Issue Size
1,862,568,000
Min. Investment Quantity (Nominal)
USD 100,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB-
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
the Issuer may, subject to Condition 7(a) (without any requirement for the consent or approval of the Holders) and having given not less than 30 nor more than 60 days' notice to the Trustee, the Principal Paying Agent and, in accordance with Condition 15, the Holders (which notice shall be irrevocable), substitute at any time all (and not some only) of the Capital Securities for, or vary the terms of the Capital Securities so that they become, alternative Qualifying Tier 1 Securities or Qualifying Upper Tier 2 Securities, and the Trustee shall (subject to the following provisions of this paragraph (ii) and subject to the receipt by it of the certificate of the Directors referred to below and the certificate of the Directors referred to in the definition of Qualifying Tier 1 Securities or (as the case may be) Qualifying Upper Tier 2 Securities) agree to such substitution or variation. In connection therewith, all Deferred Coupon Payments (if any) will be satisfied by the operation of Condition 6.
The Trustee shall use its reasonable endeavours to participate in or assist the Issuer with the substitution of the Capital Securities for or the variation of the terms of the Capital Securities so that they become alternative Qualifying Tier 1 Securities or Qualifying Upper Tier 2 Securities, provided that the Trustee shall not be obliged to participate in or assist with any such substitution or variation if the terms of the proposed alternative Qualifying Tier 1 Securities or Qualifying Upper Tier 2 Securities or the participation in or assistance with such substitution or variation would impose, in the Trustee's opinion, more onerous obligations upon it or require the Trustee to incur any liability for which it is not indemnified and/or secured and/or pre-funded to its satisfaction. If, notwithstanding the above, the Trustee does not participate or assist as provided above, the Issuer may, subject as provided above, redeem the Capital Securities as provided above.
a "Regulatory Event" is deemed to have occurred if at any time the FSA has determined that securities of the nature of the Capital Securities cease to qualify as Tier 1 Capital (save where such non-qualification is only as a result of any applicable limitation on the amount of such capital);
Deferral Interest Payment
The Issuer may elect, subject as provided below, to defer any Coupon Payment otherwise scheduled to be paid on a Coupon Payment Date by giving notice of such election to the Holders (in accordance with Condition 15), the Trustee and the Principal Paying Agent not less than 20 Business Days prior to the relevant Coupon Payment Date.
The Issuer may elect to defer any Coupon Payment on the Capital Securities. If the Issuer does defer a Coupon Payment (whether pursuant to the general right to defer a Coupon Payment under Condition 4 or by virtue of failing to satisfy the condition to payment set out in Condition 2(b)(i)), such Deferred Coupon Payment will become due only on the earliest of: (i) redemption of the Capital Securities pursuant to the Issuer's call option; (ii) redemption, substitution or variation of the Capital Securities as a result of a Tax Event; (iii) redemption, substitution or variation of the Capital Securities as a result of a Regulatory Event and (iv) in relation to any Deferred Coupon Payment relating to any particular Coupon Payment Date, three months following such Coupon Payment Date.
Dividend Stopper
If, on any Coupon Payment Date, payment of all Coupon Payments scheduled to be made on such date is not made in full by reason of either Condition 2(b)(i) or this Condition 4, neither the Issuer nor the Parent shall,
(a) declare or pay any distribution or dividend or make any other payment on, and will procure that no distribution or dividend or other payment is made on, any Junior Share Capital other than, in the case where the Issuer has elected to defer a Coupon Payment in accordance with this Condition 4, a dividend (other than a dividend which is, or is expressed to be, an extraordinary or special dividend), distribution or other payment which has been declared, paid or made by the Issuer or the Parent on any Junior Share Capital, prior to the date on which the decision to defer the relevant Coupon Payment is notified to Holders in accordance with Condition 15; or
(b) redeem, purchase, cancel, reduce or otherwise acquire any Junior Share Capital or any Other Tier 1 Securities (save where those shares or securities being redeemed, purchased or acquired are replaced contemporaneously by an issue of shares or securities of the same aggregate principal amount and the same ranking on a return of assets on a winding-up or administration or in respect of a distribution or payment of dividends and/or any other amounts thereunder to those shares or securities being redeemed, purchased or acquired), in each case unless or until
(i) the Coupon Payments due and payable in any succeeding 12-month period on all outstanding Capital Securities have been paid in full (or an amount equal to the same has been duly set aside or provided for in full for the benefit of the Holders and in a manner satisfactory to the Trustee) or
(ii) (if shorter) until all Deferred Coupon Payments have been satisfied in full.
Issuer Call
Callable on 16 Dec 2024 and every quarter thereafter.
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