Lloyds Bank PLC Notice of Adjusted Margin (2219J)

TIDM94WP

RNS Number : 2219J

Lloyds Bank PLC

18 December 2020

LLOYDS BANK PLC

(incorporated with limited liability in England and Wales registered number 2065)

(the Issuer)

NOTICE IN RESPECT OF BASE RATE MODIFICATION - NOTICE OF ADJUSTED MARGIN

to the holders of those of the:

U.S.$750,000,000 Series 2018-5 3.375 per cent. Fixed Rate Covered Bonds due November 2021

(ISIN: XS1907146671) (the Series 2018-5 Covered Bonds)

U.S.$1,000,000,000 Series 2019-5 2.125 per cent. Fixed Rate Covered Bonds due July 2022

(ISIN: XS2031976082) (the Series 2019-5 Covered Bonds)

(each a Series and together the Covered Bonds, and the holders thereof, the Covered Bondholders) of the Issuer presently outstanding.

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF COVERED BONDHOLDERS

NOTICE IS HEREBY GIVEN by the Issuer to the Covered Bondholders (in accordance with Condition 13 (Notices)) of the Issuer's intention to effect the Proposed Amendments (as defined in the Consent Solicitation Memorandum dated 9 November 2020 (the Consent Solicitation Memorandum)) and as approved by the Covered Bondholders of each Series of Covered Bonds on 18 December 2020 to each Series of Covered Bonds on or about the date hereof.

We refer to the Notice of Adjourned Covered Bondholder Meetings (RNS Number: 6217H) dated 4 December 2020 (the Notice of Adjourned Covered Bondholder Meetings), which set forth the Issuer's intention to amend each Series of Covered Bonds and the Notice of Results of each Series of Covered Bonds (RNS Number: 1676J) dated 18 December 2020 (the Notice of Results) notifying the Covered Bondholders of each Series that the relevant Proposed Amendments were passed accordingly.

In accordance with Annex B of the Notice of Adjourned Covered Bondholder Meetings (Margin Adjustment), the determination of the USD LIBOR vs SOFR Interpolated Basis (Annex B of the Notice of Adjourned Covered Bondholder Meetings (Margin Adjustment)) took place at or around 2 p.m. London time today (the Pricing Time).

Accordingly, the Adjusted Margin has been determined, in respect of the:

   (i)         Series 2018-5 Covered Bonds, as 0.454 per cent. per annum; and 
   (ii)        Series 2019-5 Covered Bonds, as 0.496 per cent. per annum.

The Adjusted Margin was calculated in respect of the:

   (i)         Series 2018-5 Covered Bonds, as 
   (A)       0.320 per cent.; plus 
   (B)       the USD LIBOR vs SOFR Interpolated Basis being 0.134 per cent; 
   (ii)        Series 2019-5 Covered Bonds, as 
   (A)       0.360 per cent.; plus 
   (B)       the USD LIBOR vs SOFR Interpolated Basis being 0.136 per cent.

Notices will be published in respect of each Series through the regulatory news service of the London Stock Exchange and to the Covered Bondholders in accordance with Condition 13 (Notices), following, in respect of each Series of Covered Bonds, the execution of the relevant Amended and Restated Final Terms, the relevant Supplemental Trust Deed, the relevant Supplemental Agency Agreement and the relevant Covered Bond Swap Agreement (the Amendment Documents). The Amendment Documents will be effective from the date of this announcement.

Capitalised terms used in this announcement but not defined have the meanings given to them in the Consent Solicitation Memorandum.

DISCLAIMER This announcement must be read in conjunction with the Consent Solicitation Memorandum. The Consent Solicitation Memorandum contains important information which should be read carefully before any decision is made with respect to the Consent Solicitation. If any Covered Bondholder is in any doubt as to the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.

This Notice is given by

LLOYDS BANK PLC

Dated 18 December 2020

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END

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December 18, 2020 10:23 ET (15:23 GMT)

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