Bond Factsheet
LLOYDS 2.000% 12Apr2028 Corp (GBP)
Lloyds Banking Group PLC
Indicative
Full Lot
Bid Price 98.666
Change in Bid Price 0.052
Bid Yield (%) 4.504 %
Change in Bid Yield 0.079
Ask Price 98.700
Change in Ask Price 0.053
Ask Yield (%) 4.486 %
Change in Ask Yield 0.080
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Lloyds Banking Group PLC
Guarantor
-
Announcement Date
05 Jan 2022
Issue Date
12 Jan 2022
Maturity Date
12 Apr 2028
Years to Maturity / Next Call
1.526 / 0.523
Modified Duration
1.431 @ 02 Oct 2026
Issue / Reoffer Price
99.810
Issue / Reoffer Yield
2.027
Coupon Type
Variable
Annual Coupon Rate
2.000
Coupon Frequency
Annually
Seniority
Senior Unsecured
Capital Structure
Senior Unsecured
Reference Rate
Reset Date: 12 April 2027 and every year thereafter
Reset Rate: UK Glit 1 year+ initial Spread (1.180%)
ISIN
XS2430704655
CUSIP
BT3352379
Bond Currency
GBP
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
GBP 100,000
Incremental Quantity (Nominal)
GBP 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ A+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Notwithstanding, and to the exclusion of, any other term of any Series of Notes or any other agreements, arrangements, or understandings between the Company and any Noteholder (or the Trustee on behalf of such Noteholders), by its acquisition of the Notes, each Noteholder acknowledges and accepts that the Amounts Due arising under the Notes may be subject to the exercise of the UK Bail-in Power by the Resolution Authority, and acknowledges, accepts, consents, and agrees to be bound by:
(i) the effect of the exercise of the UK Bail-in Power by the Resolution Authority, that may include and result in any of the following, or some combination thereof:
(A) the reduction of all, or a portion, of the Amounts Due;
(B) the conversion of all, or a portion, of the Amounts Due on the Notes into shares, other securities or other obligations of the Company or another person (and the issue to or conferral on the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes;
(C) the cancellation of the Notes;
(D) the amendment or alteration of the maturity of the Notes or amendment of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period;
(ii) the variation of the terms of the Notes, if necessary, to give effect to the exercise of the UK Bail-in Power by the Resolution Authority.
Issuer Call
If Call Option is specified as being applicable in the Final Terms, the Company may at its option but subject to Condition 5(j), on giving not less than 30 nor more than 60 days’ irrevocable notice to the Noteholders and the Trustee (or such other notice period as may be specified in the Final Terms), redeem all or, if so provided, some only of the Notes on any Optional Redemption Date. Any such redemption of Notes shall be at their Optional Redemption Amount specified in the Final Terms (which may be the Early Redemption Amount (as described in Condition 5(b) above)), together with interest accrued to the date fixed for redemption. Any such redemption or exercise must relate to Notes of a nominal amount at least equal to the Minimum Redemption Amount to be redeemed specified in the Final Terms and no greater than the Maximum Redemption Amount to be redeemed specified in the Final Terms
Optional Redemption Date(s): 12 April 2027
Additional Note
If at any time a Loss Absorption Disqualification Event occurs and is continuing in relation to any Series of Senior Notes, and the applicable Final Terms or Pricing Supplement for the Notes of such Series specify the Company has an option to redeem such Senior Notes, the Company may redeem all, but not some only, of the Senior Notes of such Series at the price set out in the applicable Final Terms or Pricing Supplement together with any outstanding interest.
A Loss Absorption Disqualification Event shall be deemed to have occurred if, as a result of any amendment to, or change in, the Loss Absorption Regulations, or any change in the application or official interpretation of the Loss Absorption Regulations, in any such case becoming effective on or after the Issue Date of the first Tranche of the Senior Notes, the Notes are or (in the opinion of the Company the Relevant Regulator and/or the United Kingdom resolution authority) are likely to be fully or (if so specified in the applicable Final Terms or Pricing Supplement) partially excluded from the Company’s and/or the Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to the Company and/or the Group and determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations; provided that a Loss Absorption Disqualification Event shall not occur where the exclusion of the Notes from the relevant minimum requirement(s) is due to the remaining maturity of such Notes being less than any period prescribed by any applicable eligibility criteria for such minimum requirements under the relevant Loss Absorption Regulations effective with respect to the Company and/or the Group on the Issue Date of the first Tranche of such Notes.
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