Lloyds Banking Group plc filed a free writing prospectus on November 4, 2026, disclosing the pricing terms for USD 1,250,000,000 in 5.511% Senior Callable Fixed-to-Fixed Rate Notes due November 12, 2030, registered under Registration No. 333-287829.

Key Highlights

  • Principal Amount: USD 1,250,000,000 in senior, unsecured notes priced at 100.000% with an all-in price of 99.850%.
  • Initial Rate: 5.511% per annum, payable semi-annually in arrears, through November 12, 2029.
  • Reset Rate: After the optional redemption date, interest resets to the 1-year U.S. Treasury Rate plus 88 basis points for the Reset Fixed Rate Period ending November 12, 2030.
  • Optional Redemption: The issuer may redeem all (but not part) of the notes on November 12, 2029, with at least five but no more than thirty business days' notice.
  • Net Proceeds: USD 1,248,125,000 to the issuer before expenses, after an underwriting commission of 0.15%.
  • Expected Ratings: A3 (Moody's), A- (S&P), and A+ (Fitch), according to the filing.
  • Expected Settlement: November 12, 2026 (T+5), with expected listing on the New York Stock Exchange.

Lloyds Banking Group Pricing Terms for November 2026 Senior Note Offering

According to the free writing prospectus filed November 4, 2026, Lloyds Banking Group plc (LEI: 549300PPXHEU2JF0AM85) priced USD 1,250,000,000 of Senior Callable Fixed-to-Fixed Rate Notes due November 12, 2030. The notes are SEC-registered global notes in denominations of USD 200,000 and integral multiples of USD 1,000 in excess thereof. The reoffer spread to the benchmark treasury, identified as the 4.875% due October 15, 2029, is 88 basis points, with a reference benchmark treasury price and yield of 100-21 1/8 and 4.631%, respectively.

The filing describes two interest periods. During the Initial Fixed Rate Period, from November 12, 2026 through November 12, 2029, interest accrues at 5.511% per annum on a 30/360 day count basis, with semi-annual payments beginning May 12, 2027. During the Reset Fixed Rate Period, from November 12, 2029 through November 12, 2030, interest is calculated at the 1-year U.S. Treasury Rate plus 88 basis points, with the reset determined on the second business day immediately preceding November 12, 2029. Both periods use a Following, Unadjusted business day convention.

The filing also discloses that the notes are intended to qualify as MREL (Minimum Requirement for Own Funds and Eligible Liabilities) and that set-off rights are waived. Holders acknowledge the applicability of U.K. bail-in power, which the relevant U.K. resolution authority may exercise to reduce, cancel, or convert principal or interest, among other actions, as described in the filing. Joint bookrunners named in the filing include Lloyds Securities Inc. (B&D), Barclays Capital Inc., BMO Capital Markets Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, and Scotia Capital (USA) Inc. Co-managers are listed as Academy Securities and Blaylock Van, LLC. Governing law is the State of New York, except provisions relating to waiver of set-off, which are governed by Scots law.

What Was Disclosed

Lloyds Banking Group plc disclosed the full pricing terms for a USD 1,250,000,000 senior note offering dated November 4, 2026, including the interest rate, reset mechanism, redemption terms, expected ratings, net proceeds, CUSIP (53944YBP7), and ISIN (US53944YBP79).