Bond Factsheet
LLOYDS 5.250% 22August2033 Corp (SGD)
Lloyds Banking Group PLC
Indicative
Full Lot
Bid Price 103.542
Change in Bid Price
-
Bid Yield (%) 3.286 %
Change in Bid Yield 0.003
Ask Price 103.992
Change in Ask Price
-
Ask Yield (%) 3.043 %
Change in Ask Yield 0.003
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
15 Aug 2023
Issue Date
22 Aug 2023
Maturity Date
22 Aug 2033
Years to Maturity / Next Call
6.884 / 1.881
Modified Duration
5.755 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.250
Coupon Type
Variable
Annual Coupon Rate
5.250
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 22 August 2028
Reset Rate: prevailing 5-year SORA OIS + Reset Margin [1.938 %}]
ISIN
XS2668240844
CUSIP
ZI3639831
Bond Currency
SGD
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
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
Recognition of UK Bail-in Power
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.
No repayment or payment of Amounts Due on the Notes or the Coupons, will become due and payable or be paid after the exercise of any UK Bail-in Power by the Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, suspended (for so long as such suspension or moratorium is outstanding), amended or altered as a result of such exercise.
Neither a reduction or cancellation, in part or in full, of the Amounts Due or the conversion thereof into another security or obligation of the Company or another person, as a result of the exercise of the UK Bail-in Power by the Resolution Authority with respect to the Company, nor the exercise of the UK Bailin Power by the Resolution Authority with respect to the Notes will be a default or an event of default for any purpose.
"UK Bail-in Power" means any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time under any laws, regulations, rules or requirements relating to the resolution of financial holding companies, mixed financial holding companies, banks, banking group companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements that are implemented, adopted or enacted within the context of a resolution regime in the United Kingdom under the Banking Act 2009 and/or the Loss Absorption Regulations, as the same has been or may be amended from time to time.
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(k), on giving not less than 15 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 in the applicable Final Terms, some only of the Notes on any Optional Redemption Date. Any such redemption of Notes shall be at either (as specified in the applicable Final Terms) their Optional Redemption Amount specified in the Final Terms (which may be the Early Redemption Amount (as described in Condition 5(b) above)) or the Make Whole Redemption Price (as defined below), together (in either case) with interest (if any) 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.
Call Option: Applicable
Optional Redemption Date: 22 August 2028
Optional Redemption Amount: Early Redemption Amount
Make Whole Redemption Price: Not Applicable
Additional Note
Where 'Substitution or Variation' is specified in the Final Terms as being applicable and the Company has satisfied the Trustee that a Tax Event (as defined in Condition 5(c)), a Capital Disqualification Event (as defined in Condition 5(d)) or a Loss Absorption Disqualification Event (as defined in Condition 5(e)), as applicable, has occurred and is continuing, then the Company may, subject to the other provisions of this Condition 7 (without any requirement for the consent or approval of the Noteholders or the Trustee (subject to the notice requirements below)) either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain or, as appropriate, become, Compliant Securities. Upon the expiry of the notice required by this Condition 7, the Company shall either vary the terms of, or substitute, the Notes in accordance with this Condition 7, as the case may be and, subject as set out below, the Trustee shall agree to such substitution or variation.
Redemption of Dated Subordinated Notes following the occurrence of a Capital Disqualification Event
Where a Capital Disqualification Event Call is specified as being applicable in the Final Terms relating to Dated Subordinated Notes, the Company may at its option but subject to Condition 5(k), having given not less than 15 nor more than 60 days' notice in accordance with Condition 15, redeem all but not some only of the Notes outstanding (if the Notes are Floating Rate Notes) on the next Interest Payment Date or (if the Notes are not Floating Rate Notes) at any time at the Early Redemption Amount, together (if applicable) with any accrued but unpaid interest up to (but excluding) the date fixed for redemption, if immediately prior to the giving of the notice referred to above, it satisfies the Trustee that a Capital Disqualification Event has occurred.
In these Conditions:
A "Capital Disqualification Event" shall be deemed to have occurred if at any time the Company determines that as a result of a change, or a pending change, in the regulatory classification of the relevant series of Dated Subordinated Notes, in any such case becoming effective on or after the relevant Issue Date, the entire or any part of the outstanding principal amount of such series of Dated Subordinated Notes ceases, or would be likely to cease, to be included in, or count towards, the Tier 2 Capital of the Company and/or the Group (other than as a result of any applicable limitation on the amount of such capital).
Waiver of set-off
Subject to applicable law, no holder of any Dated Subordinated Notes or the Coupons relating thereto (if any) nor the Trustee may exercise or claim any right of set-off in respect of any amount owed to it by the Company arising under or in connection with the Dated Subordinated Notes or the Coupons relating thereto, and each Noteholder or Coupon holder shall, by virtue of its being the holder of any Dated Subordinated Note or Coupon, be deemed to have waived all such rights of set-off. If the applicable Final Terms or Pricing Supplement specify, or specifies, as the case may be, that Senior Notes Waiver of Setoff is applicable, then the previous paragraph shall apply to the Senior Notes, the relative Coupons and each Noteholder and Coupon holder in respect of such Senior Notes mutatis mutandis and as if references in that paragraph to Dated Subordinated Notes were references to such Senior Notes.
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