BOND COMPLEXITY : HIGHISIN: XS3013997666
LLOYDS 7.500% Perpetual Corp (GBP)
LLOYDS BANKING GROUP PLC
Indicative Bid Price
103.048
Bid Yield to Worst
6.614%
Bid Yield to Call
6.614%
Min. Investment (Nominal)
200000
Indicative Ask Price
103.539
Ask Yield to Worst
6.474%
Ask Yield to Call
6.474%
Next Call Date
26 Jun 2030
Credit Rating (Bond)
BBB
Investment Grade
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Investor Profile
High Yield Seeker
Chart
Created with Highcharts 9.3.2Chart context menuBid Yield to WorstAsk Yield to WorstBid Yield to CallAsk Yield to Call16. Jun18. Jun20. Jun22. Jun24. Jun26. Jun28. Jun30. Jun2. Jul4. Jul6. Jul8. Jul10. Jul12. Jul14. Jul6.46.56.66.76.8FSM Global
Bond Information
Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.
Bond Issuer
Lloyds Banking Group PLC
Guarantor
-
Announcement Date
23 Feb 2025
Issue Date
26 Feb 2025
Maturity Date / Next Call Date
Perpetual / 26 Jun 2030
Years to Maturity / Next Call
Perpetual / 3.947
Issue/Reoffer Price
100.000
Issue/Reoffer Yield
7.498
Coupon Type
Variable
Annual Coupon Rate (%)
7.5
Annual Coupon Frequency
Quarterly
Seniority
Junior Subordinated
Exchange Listed
Others
Reference Rate
Reset Date: 27 June 2030 and every 5 years thereafter
Reset Rate: UK Gilts 5 Year + Margin (3.436%)
ISIN
XS3013997666
CUSIP
YR7944840
Bond Currency
GBP
Total Issue Size
GBP 750,000,000
Minimum Investment Quantity (Nominal)
GBP 200,000
Incremental Quantity (Nominal)
GBP 1,000
Bond Registration
Wholesale
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
W-8BEN Declaration needed 
No
Bond Feature(s)
Additional Tier 1

Agreement with Respect to the Exercise of U.K. Bail-in Power

Notwithstanding any other agreements, arrangements, or understandings between LBG and any holder or beneficial owner of the Additional Tier 1 Securities, by purchasing or acquiring the Additional Tier 1 Securities, each holder (including each beneficial owner) of the Additional Tier 1 Securities acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. Bail-in Power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities into shares or other securities or other obligations of LBG or another person (and the issue to or conferral on the holder of such shares, securities or obligations), including by means of amendment, modification or variation of the terms of the Additional Tier 1 Securities; and/or (iii) the amendment or alteration of the maturity of the Additional Tier 1 Securities, or amendment of the amount of interest due on the Additional Tier 1 Securities, or the dates on which interest becomes payable, including by suspending payment for a temporary period; any U.K. Bail-in Power may be exercised by means of variation of the terms of the Additional Tier 1 Securities solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. With respect to (i), (ii) and (iii) above, references to principal and interest shall include payments of principal and interest that have become due and payable, but which have not been paid, prior to the exercise of any U.K. Bail-in Power. Each holder and each beneficial owner of the Additional Tier 1 Securities further acknowledges and agrees that the rights of the holders and/or beneficial owners under the Additional Tier 1 Securities are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.

Automatic Conversion

Upon the occurrence of the Trigger Event, all of LBG’s obligations under the Additional Tier 1 Securities shall be irrevocably and automatically released on the Conversion Date (and under no circumstances shall LBG’s released obligations be reinstated) in consideration of the issuance by LBG of Ordinary Shares credited as fully paid (the “Settlement Shares”) at the Conversion Price and in accordance with the terms described in the Preliminary Prospectus Supplement (the “Automatic Conversion”). The Settlement Shares shall be issued and delivered to the Settlement Share Depository (as defined in the Preliminary Prospectus Supplement) on the Conversion Date.

Furthermore, in the event of the Automatic Conversion of the Additional Tier 1 Securities upon the occurrence of a Trigger Event, any accrued but unpaid interest on the Additional Tier 1 Securities up to (and including) the Conversion Date shall be canceled upon the occurrence of such Trigger Event and shall not become due and payable at any time. The Additional Tier 1 Securities are not convertible at the option of the holders at any time. Automatic Conversion shall not constitute a default under the Additional Tier 1 Securities.

Trigger Event: A Trigger Event shall occur on any date if LBG’s CET1 Ratio (as defined in the Preliminary Prospectus Supplement) is less than 7.00% on any date, as determined by LBG, the Relevant Regulator (as defined in the Preliminary Prospectus Supplement), or any agent appointed for such purpose by the Relevant Regulator.

Conversion Price: The conversion price per Ordinary Share in respect of the Additional Tier 1 Securities shall be £0.633.
Restrictions on Interest Payments

LBG shall cancel any interest on the Additional Tier 1 Securities (or, as appropriate, any part thereof) which is scheduled to be paid on an Interest Payment Date to the extent that LBG has an amount of Distributable Items (as defined in the Preliminary Prospectus Supplement) on any scheduled Interest Payment Date that is less than the sum of (i) all payments (other than redemption payments) made or declared by LBG since the end of LBG’s last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities (as defined in the Preliminary Prospectus Supplement), the Additional Tier 1 Securities and any Junior Securities (as defined in the Preliminary Prospectus Supplement) and (ii) all payments (other than redemption payments) payable by LBG on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for (by way of deduction) in determining the Distributable Items.

In addition, LBG shall not be permitted to pay any interest otherwise scheduled to be paid on an Interest Payment Date if and to the extent that the payment of such interest would cause, when aggregated together with other distributions of the kind referred to in Rule 4.3(2) of chapter 4 of the “CRR Firms – Capital Buffers” part of the PRA Rulebook (or any succeeding provision(s) amending or replacing such rule) and which are required under the Applicable Regulations (as defined in the Preliminary Prospectus Supplement) to be taken into account for this purpose, the Maximum Distributable Amount (as defined in the Preliminary Prospectus Supplement), if any, then applicable to the Group to be exceeded.

Agreement to Interest Cancellation

By acquiring the Additional Tier 1 Securities, holders and beneficial owners of the Additional Tier 1 Securities acknowledge and agree that:

(a) interest is payable solely at the discretion of LBG, and no amount of interest shall become due and payable in respect of the relevant interest period to the extent that it has been canceled by LBG at its sole discretion and/or deemed canceled in whole or in part; and

(b) a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture (as defined in the Preliminary Prospectus Supplement) shall not constitute a default in payment or otherwise under the terms of the Additional Tier 1 Securities.

Interest will only be due and payable on an Interest Payment Date to the extent it is not canceled or deemed canceled in accordance with the provisions described in the Preliminary Prospectus Supplement. Any interest canceled or deemed canceled (in each case, in whole or in part) in the circumstances described above shall not be due and shall not accumulate or be payable at any time thereafter, and holders and beneficial owners of the Additional Tier 1 Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation. LBG may use such canceled interest without restriction.
The Additional Tier 1 Securities will, subject to the satisfaction of the conditions described in the Preliminary Prospectus Supplement, be redeemable in whole, but not in part, at the option of LBG on the First Reset Date or on any Reset Date thereafter at 100% of their principal amount, together with any accrued and unpaid interest on the Additional Tier 1 Securities, excluding any interest which has been canceled or deemed to be canceled (“Accrued Interest”) to, but excluding, the date fixed for redemption.

First Call Date: June 27, 2030
Regulatory Event Redemption

If at any time a Regulatory Event (as defined in the Preliminary Prospectus Supplement) has occurred, LBG may, subject to the satisfaction of the conditions described in the Preliminary Prospectus Supplement, redeem the Additional Tier 1 Securities in whole, but not in part, at any time at 100% of their principal amount, together with any Accrued Interest to, but excluding, the date fixed for redemption.
Price History
(Daily prices for the last 3 months), if you wish to view more than 3 months price history you may export the file
DATE
BID PRICE
ASK PRICE
ASK YIELD (CALL)
ASK YIELD (WORST)
15 Jul 2026103.048103.5396.4746.474
14 Jul 2026103.048103.5386.4766.476
13 Jul 2026102.988103.4816.4936.493
12 Jul 2026103.015103.5126.4856.485
09 Jul 2026103.049103.5456.4766.476
08 Jul 2026103.106103.5996.4616.461
07 Jul 2026103.195103.6826.4406.440
06 Jul 2026103.208103.6946.4376.437
05 Jul 2026103.191103.6756.4436.443
02 Jul 2026102.979103.4656.5036.503
Total of 65 entries
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FSM Global strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
Credit Rating

There are no credit rating changes for this bond for the past 3 years.

Related Documents
pdfIcon
Pricing Supplement
Pricing Term Sheet of GBP 750,000,000 Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities.
pdfIcon
Prospectus
Preliminary Prospectus Supplement (to prospectus dated June 7, 2022) dated February 24, 2025
Related Bonds
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MATURITY DATE / NEXT CALL DATE
ASK PRICE
ASK YTM / YTW
BOND CREDIT RATING (S&P/FITCH)
action
LLOYDS 8.500% Perpetual Corp (GBP)

Lloyds Banking Group PLC

 26 Mar 2028
(Next Call Date)		 104.750 5.531% p.a. ***/BBB
TRANSACT
LLOYDS 8.000% Perpetual Corp (USD)

Lloyds Banking Group PLC

 26 Sep 2029
(Next Call Date)		 106.375 5.793% p.a. ***/BBB
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LLOYDS 7.086% 31Aug2033 Corp (AUD)

Lloyds Banking Group PLC

 30 Aug 2028
(Next Call Date)		 102.582 5.767% p.a. ***/A-
TRANSACT
LLOYDS 5.831% 11Jun2032 Corp (AUD)

Lloyds Banking Group PLC

 10 Jun 2031
(Next Call Date)		 100.577 5.693% p.a. ***/A+
TRANSACT
LLOYDS 5.802% 17Mar2029 Corp (AUD)

Lloyds Banking Group PLC

 16 Mar 2028
(Next Call Date)		 100.783 5.298% p.a. ***/A+
TRANSACT
LLOYDS 5.250% 22August2033 Corp (SGD)

Lloyds Banking Group PLC

 21 Aug 2028
(Next Call Date)		 105.650 2.464% p.a. ***/A-
TRANSACT
LLOYDS 5.189% 28May2031 Corp (AUD)

Lloyds Banking Group PLC

 27 May 2030
(Next Call Date)		 98.959 5.490% p.a. ***/A+
TRANSACT
LLOYDS 4.750% 23May2028 Corp (AUD)

Lloyds Banking Group PLC

 22 May 2028 99.055 5.291% p.a. ***/A+
TRANSACT
LLOYDS 2.000% 12Apr2028 Corp (GBP)

Lloyds Banking Group PLC

 11 Apr 2027
(Next Call Date)		 98.189 4.543% p.a. ***/A+
TRANSACT
Total of 9 entries
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FSM's Fees
For more information, please refer to the Pricing Structure
For each Buy & Sell Order (Retail^, Wholesale, Bond Express)
Processing Fee
0.35% / Min. SGD 10*
Platform Fee
0.05% per quarter
Other Charges
Goods & Services Tax (GST)
9% (GST is applicable to Singaporean residents on FSM’s fee)
Order Processing Time
Buy Wholesale Bonds / SGS Bonds / Retail (All payment type)
Generally T+2 business days upon payment clearance
Sell Wholesale Bonds / SGS Bonds / Retail Bonds
Generally T+2 business days (Redemption proceeds will be credited on next day)
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Remark

  1. *Processing fee is subjected to a minimum of SGD 10 (or in its equivalent currency).
  2. ^ For the purchase of the Retail Bonds, FSM Global will be absorbing SGX related Charges, till further notice.
  3. T = Transaction Date
    The Order processing time refers to the order completion and reflected in your account.
    ^The Purchase date will be based on T date

Platform Charge
  1. For the purpose of benefiting from lower rates based on higher investment holding tiers, the effective platform fee rate is based on the total combined holdings of all FSM accounts under main account holder (including beneficiary accounts), while Stock / ETF / Cash Account holdings are excluded from the combined holdings amount.
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Note
  1. All fees and commission quoted are exclusive of Goods and Services Tax (GST).
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Potential Income Explained
EDIT
Est. Payable Amount
GBP 209,145.35
Years to Call
3 years 10+ months
Est. Total Income
GBP 60,000.00
Yield to Call
6.142%
Indicative Cash Flow
Nominal Value
GBP 200,000.00
  • 2030
    Jun
    Coupon
    GBP 3,750.00
    Early Redemption
    GBP 200,000.00
  • Mar
    Coupon
    GBP 3,750.00
  • 2029
    Dec
    Coupon
    GBP 3,750.00
  • Sep
    Coupon
    GBP 3,750.00
  • Jun
    Coupon
    GBP 3,750.00
Disclaimer: Cash flow calculations are computed based on current coupon rate till next possible call or maturity date. Figures reflected are indicative and subjected to changes in case of any corporate actions.
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