Lloyds TSB launches retail corporate bond
by Gill Montia
Story link: Lloyds TSB launches retail corporate bond
In a first for the bank, Lloyds TSB has launched a fixed-rate corporate bond for retail investors.
The move gives individuals the opportunity to invest in a product which was previously only available to institutional investors.
The Lloyds TSB Bank plc bond comes with a fixed rate of 5.375% per annum and a semi-annual coupon.
It offers a guaranteed rate of interest for five years and three months, on a minimum investment sum of £1,000.
Lloyds Banking Group head of capital markets issuance, Richard Shrimpton, says: “We are delighted to offer retail investors access to a product that guarantees a great rate of return without locking away capital.”
He adds: “Working with a network of retail brokers, we have designed the Lloyds TSB Bank plc bond with the changing needs of investors in mind.”
The bond will be admitted to the Official List of the UK Listing Authority and traded on the London Stock Exchange.