Bond Lloyd's Banking plc 4% ( XS0538831685 ) in EUR

Issuer Lloyd's Banking plc
Market price 100 %  ⇌ 
Country  United Kingdom
ISIN code  XS0538831685 ( in EUR )
Interest rate 4% per year ( payment 1 time a year)
Maturity 02/09/2024 - Bond has expired



Prospectus brochure of the bond Lloyds Bank PLC XS0538831685 in EUR 4%, expired


Minimal amount /
Total amount /
Detailed description Lloyds Banking Group plc is a major British multinational banking and financial services corporation headquartered in London, offering a wide range of retail, commercial, and corporate banking services.

The Bond issued by Lloyd's Banking plc ( United Kingdom ) , in EUR, with the ISIN code XS0538831685, pays a coupon of 4% per year.
The coupons are paid 1 time per year and the Bond maturity is 02/09/2024







FINAL TERMS
Final Terms dated 1 September 2010
Lloyds TSB Bank plc
Issue of 50,000,000 Series 2010-4 Fixed Rate Covered Bonds due 2024
irrevocably and unconditionally guaranteed as to payment of principal and interest by
Lloyds TSB Covered Bonds LLP
under the 15 billion
Global Covered Bond Programme
The Programme has been registered and notice of these Covered Bonds has been made, under the Regulated Covered
Bonds Regulations 2008 (SI 2008/346).
The Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis that any offer of
Covered Bonds in any Member State of the European Economic Area which has implemented the Prospectus Directive
(2003/71/EC) (each, a Relevant Member State) will be made pursuant to an exemption under the Prospectus Directive,
as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Covered
Bonds. Accordingly any person making or intending to make an offer in that Relevant Member State of the Covered
Bonds may only do so in circumstances in which no obligation arises for the Issuer or the relevant Dealer to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the
Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor the relevant Dealer has authorised,
nor do they authorise, the making of any offer of Covered Bonds in any other circumstances.
PART A -- CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions (the Terms and
Conditions) set forth in the Prospectus dated 23 August 2010 which constitutes a base prospectus for the purposes of
the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final
Terms of the Covered Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive and must be
read in conjunction with such Prospectus as so supplemented. Full information on the Issuer, the LLP and the offer of
the Covered Bonds is only available on the basis of the combination of these Final Terms and the Prospectus. The
Prospectus and the supplemental Prospectus are available for viewing at, and copies may be obtained during normal
business hours from, Lloyds TSB Bank plc, 25 Gresham Street, London EC2V 7HN.
1.
(i)
Issuer:
Lloyds TSB Bank plc
(ii)
LLP:
Lloyds TSB Covered Bonds LLP
2.
(i)
Series Number:
2010-4
(ii)
Tranche Number:
1
3.
Specified Currency or Currencies:
Euro/EUR/
4.
Aggregate Nominal Amount of Covered Bonds
admitted to trading:
(i)
Series:
50,000,000
(ii)
Tranche:
50,000,000
5.
Issue Price:
99.715 per cent. of the aggregate nominal amount.
6.
(i)
Specified Denominations:
50,000 and integral multiples of 1,000 in excess thereof
up to and including 99,000. No Covered Bond in
definitive form will be issued with a denomination above
99,000.
(ii)
Calculation Amount:
1,000
7.
(i)
Issue Date:
2 September 2010
(ii)
Interest Commencement Date:
2 September 2010
8.
(i)
Final Maturity Date:
2 September 2024


(ii)
Extended Due for Payment Date of 2 September 2025
Guaranteed Amounts corresponding to
the Final Redemption Amount under the
Covered Bond Guarantee:
9.
Interest Basis:
4.000 per cent. Fixed Rate from and including the Issue
Date to and including the Final Maturity Date
(Further particulars specified below with respect to the
period from but excluding the Final Maturity Date to and
including the Extended Due for Payment Date)
10.
Redemption/Payment Basis:
Redemption at par
11.
Change of Interest or Redemption/Payment From, but excluding the Final Maturity Date to, and
Basis:
including the Extended Due for Payment Date the
following Interest provisions apply;
Interest Basis: 1 Month EURIBOR + 1.400 per cent. per
annum Floating Rate.
Interest Payment Dates: 2nd day of each month, from but
excluding the Final Maturity Date to and including the
Extended Due for Payment Date.
Interest Period: The period from but excluding the Final
Maturity Date to and including the next following Interest
Payment Date.
Modified Following Business Day Convention.
Business Days: London, TARGET2.
Day Count Fraction: Actual/360 (adjusted).
Interest Determination Dates: The second day on which
the TARGET2 System is open prior to the start of each
Interest Period.
Screen Rate Determination:
Relevant Screen Page: Reuters EURIBOR 01.
12.
Put/Call Options:
Not Applicable
13.
(i)
Status of the Covered Bonds:
Senior, unsecured
(ii)
Status of Covered Bond Guarantee:
Senior, secured
(iii)
Date of Board approval for issuance of
1 July 2010 and 26 August 2010, respectively
Covered Bonds and Covered Bond
Guarantee obtained:
14.
Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Covered Bond Provisions
Applicable from and including the Issue Date to and
including the Final Maturity Date.
(i)
Rate of Interest:
4.000 per cent. per annum payable annually in arrear
(ii)
Interest Payment Date(s):
The first Interest Payment Date will be 2 September 2011
and thereafter 2 September in each year up to and
including the Final Maturity Date
(iii)
Business Day Convention:
Following Business Day Convention
(iv)
Business Day(s):
London, TARGET2
2


Additional Business Centre(s):
Not Applicable
(v)
Fixed Coupon Amount:
40 per Calculation Amount
(vi)
Broken Amount(s):
Not Applicable.
(vii)
Day Count Fraction:
Actual/Actual ICMA (not adjusted)
(viii)
Determination Dates:
2 September in each year
(ix)
Other terms relating to the method of Not Applicable
calculating interest for Fixed Rate
Covered Bonds:
16.
Floating Rate Covered Bond Provisions
Not Applicable, save as set out in Item 11 above
17.
Zero Coupon Covered Bond Provisions
Not Applicable
18.
Index Linked Interest Covered Bond and Not Applicable
other Variable Interest Covered Bond (Index
Linked Interest Covered Bonds, Credit Linked
Interest Covered Bonds, Equity Linked Interest
Covered Bonds, Currency Linked Covered
Bonds, Dual Currency Linked Covered Bonds)
Provisions
PROVISIONS RELATING TO REDEMPTION
19.
Issuer Call Option
Not Applicable
20.
Investor Put Option
Not Applicable
21.
Final Redemption Amount
Nominal Amount
22.
Index Linked Redemption Covered Bonds
Not Applicable
23.
Equity Linked Redemption Covered Bonds:
Not Applicable
24.
Relevant Assets:
Not Applicable
25.
Additional Disruption Events:
Not Applicable
26.
Currency Linked Covered Bonds:
Not Applicable
27.
Dual Currency Linked Covered Bonds:
Not Applicable
28.
Early Redemption Amount:
Early
Redemption Amount(s) payable on Condition 6.7 applies
redemption for (a) taxation reasons or on event of
default or other early redemption (b) in the case
of Index Linked Redemption Covered Bonds,
following an Index Adjustment Event, as set out
in these Final Terms or (c) in the case of Equity
Linked Redemption Covered Bonds, following
certain corporate events as set out in these Final
Terms or (d) in the case of Index Linked
Redemption Covered Bonds or Equity Linked
Redemption Covered Bonds, following an
Additional Disruption Event (if applicable) as set
out in these Final Terms, and/or the method of
calculating the same (if required or if different
from that set out in the Conditions):
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
29.
Form of Covered Bonds:
Bearer Covered Bonds:
Temporary Global Covered Bond exchangeable for a
Permanent Global Covered Bond which is exchangeable for
3




PART B -- OTHER INFORMATION
1.
LISTING
(i)
Listing:
Application has been made by the Issuer (or on its behalf)
for the 2010-4 Covered Bonds to be admitted to the
Official List of the UK Listing Authority with effect from
2 September 2010.
(ii)
Admission to trading:
Application has been made by the Issuer (or on its behalf)
for the 2010-4 Covered Bonds to be admitted to trading
on the London Stock Exchange's Regulated Market with
effect from 2 September 2010.
(iii)
Estimate of total expenses related to £3,650
admission to trading:
2.
RATINGS
Ratings:
The Covered Bonds to be issued have been rated:
Fitch: AAA
Moody's: Aaa
3.
COVERED BOND SWAP:
Covered Bond Swap Provider:
Lloyds TSB Bank plc
Nature of Covered Bond Swap:
Non-Forward Starting
4.
NOTIFICATION
The United Kingdom Financial Services Authority has provided the Issuer with a certificate of approval
attesting that the Prospectus has been drawn up in accordance with the Prospectus Directive.
5.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save for any fee payable to the Lead Manager and as discussed in "Subscription and Sale and Transfer and
Selling Restrictions", so far as the Issuer and LLP are aware, no person involved in the offer of the Covered
Bonds has an interest material to the offer.
6.
REASONS FOR THE OFFER
(i)
Reasons for the offer:
To be used by the Issuer to make available Term
Advances to the LLP pursuant to the Intercompany Loan
Agreement
7.
Fixed Rate Covered Bonds only -- YIELD
4.027 per cent. per annum
Indication of yield:
The yield is calculated at the Issue Date on the basis of
the Issue Price. It is not an indication of future yield.
8.
HISTORIC INTEREST RATES
Not Applicable
9.
PERFORMANCE OF INDEX/FORMULA/ CURRENCY(IES)/OTHER VARIABLE AND OTHER
INFORMATION CONCERNING THE UNDERLYING
Not Applicable
10.
PERFORMANCE OF RATES OF EXCHANGE
Not Applicable
11.
OPERATIONAL INFORMATION
ISIN Code:
XS0538831685
CUSIP:
Not Applicable
Common Code:
053883168
5


Any clearing system(s) other than Euroclear Not Applicable
Bank S.A./N.V. and Clearstream Banking,
société anonyme (including the Depository Trust
Company) and the relevant identification
number(s):
Delivery:
Delivery against payment
Names and addresses of additional Paying Not Applicable
Agent(s) (if any):
Intended to be held in a manner which would Yes
allow Eurosystem eligibility:
Note that the designation "yes" simply means that the
Covered Bonds are intended upon issue to be deposited
with one of the ICSDs as common safekeeper and does
not necessarily mean that the Covered Bonds will be
recognised as eligible collateral for Eurosystem monetary
policy and intra-day credit operations by the Eurosystem
either upon issue or at any or all times during their life.
Such recognition will depend upon satisfaction of the
Eurosystem eligibility criteria.
6


SCHEDULE TO THE FINAL TERMS
CERTAIN INFORMATION REGARDING THE LOANS
The statistical and other information contained in these Final Terms has been compiled by reference to the Loans in the
Portfolio as at 31 July 2010 (the Cut-off Date). Except as otherwise indicated, these tables have been prepared using
the Current Balance as at the Cut-off Date, which includes all principal and accrued interest for the Loans in the
Portfolio as at the Cut-off Date and may no longer be a true reflection of the Portfolio. The following information does
not include any New Loans sold into the Portfolio since the Cut-off Date, including any sale in connection with this
Series 2010-4 issuance and it does not reflect any redemption or sales out of the Portfolio since the Cut-off Date.
The characteristics of the Portfolio as at the relevant Issue Date are not expected to differ materially from the
characteristics of the Portfolio as at the Cut-off Date, however, it should be noted that Loans may be removed from the
Portfolio in the event that any such Loans are repaid in full or do not comply with the terms of the Mortgage Sale
Agreement on or about the relevant Sale Date. The Seller may also choose, in certain circumstances, to repurchase any
of the Loans in accordance with the terms of the Mortgage Sale Agreement. Additionally, New Loans may be sold into
the Portfolio from time to time. Any such sales will be made in accordance with the Mortgage Sale Agreement and
subject to compliance with the Eligibility Criteria. This information is provided for information purposes only.
The tables below show details of the Loans included the Portfolio, and stratify the Portfolio by reference to either
Mortgage Account or Loan as appropriate. A Mortgage Account represents the total of all Loans secured on a single
property. Columns stating percentage amounts may not add up to 100% due to rounding.
Loan Analysis
Weighted Average Seasoning (by Value) Months
41.92
Weighted Average Remaining Term (by Value) Years
15.28
Average Mortgage Account Balance
£101,033
Weighted Average Original LTV (by Value)
58.33%
Weighted Average Current Indexed LTV (by Value)*
56.15%
*Indexation is applied on a regional basis to property valuations on a quarterly basis in January, April, July and October of each year.
LLP Assets
Number of Mortgage Accounts in Portfolio
110,900
Current Balance ­ Mortgage Accounts
£11,204,612,557
Arrears Analysis of Mortgage Accounts
The following table summarises the current arrears position of the Portfolio as at the Cut-off Date.
The Seller identifies a Loan as being in arrears where an amount equal to or greater than a full month's contractual
payment is past its due date.
Number of
Month(s) in
Mortgage
% of total by
Current
% of Current
Arrears Balance
Arrears*
Accounts
number
Balance (£)
Balance
(£)
> 1 < 2
1,036
0.92
102,942,588
0.92
706,584
> 2 < 3
403
0.36
38,636,773
0.34
506,821
> 3 < 6
544
0.49
55,625,108
0.50
1,328,235
> 6 < 9
223
0.20
21,012,200
0.19
838,425
> 9 < 12
149
0.13
15,587,167
0.14
830,672
> 12 or more
232
0.21
25,114,316
0.22
1,696,608
7


Number of
Month(s) in
Mortgage
% of total by
Current
% of Current
Arrears Balance
Arrears*
Accounts
number
Balance (£)
Balance
(£)
Total
2,587
2.31
258,918,152
2.31
5,907,345
* Arrears are calculated in accordance with standard market practice in the UK. A mortgage is identified as being in arrears when, on any due date,
the overdue amounts which were due on previous due dates equal, in the aggregate, one or more full monthly payments. In making an arrears
determination, the Servicer calculates as of the date of determination the difference between the sum of all monthly payments that were due and
payable by a Borrower on any due date up to that date of determination (less the aggregate amount of all authorised underpayments made by such
Borrower up to such date of determination) and the sum of all payments actually made by that Borrower up to that date of determination. If the result
arrived at by dividing that difference (if any) by the amount of the required current monthly payment equals or exceeds 1 the Mortgage Account is
deemed to be in arrears. Arrears classification is determined based on the number of equivalent full current months payments that have been missed.
A Borrower that has missed payments that in the aggregate equal or exceeding 2 monthly payments (but for which the aggregate of missed payments
is less than 3 monthly payments) would be classified as being between 2 ­ 3 months in arrears, and so on.
Product Breakdown
The following table shows the distribution of products by value as at the Cut-off Date.
Value
% of Total of value
Fixed Rate Loans (by balance)
3,401,337,405
30.36%
Standard Variable Rate loans based (by balance)
4,260,909,589
38.03%
Tracker Loans (by balance)
3,542,365,563
31.62%
Total
11,204,612,557
100.00%
Standard Variable Rate
The following table shows the standard variable rate most recently set by the Servicer for Loans beneficially owned by
the LLP.
Current Standard Variable Rate
2.50%
Effective date of last change
1 April 2009
Geographic Analysis
The following table shows the distribution of properties securing the Loans throughout England, Wales and Scotland as
at the Cut-off Date. No such properties are situated outside England, Wales or Scotland. The Seller's Lending Criteria
and current credit scoring tests do not take into account the geographical location of the Property securing a Loan.
Number of
% of Total of
Mortgage
Mortgage
% of Total of
Accounts
Accounts
Value (£)
value
East Anglia
5,020
4.53%
467,331,474
4.17%
East Midlands
7,190
6.48%
591,692,207
5.28%
Greater London
11,464
10.34%
1,782,428,076
15.91%
Northern
5,976
5.39%
446,617,254
3.99%
North West
11,722
10.57%
967,830,855
8.64%
Scotland
3,314
2.99%
309,173,958
2.76%
South East
22,782
20.54%
2,743,404,671
24.48%
South West
15,059
13.57%
1,522,212,646
13.58%
Wales
6,320
5.70%
504,086,935
4.50%
8


Number of
% of Total of
Mortgage
Mortgage
% of Total of
Accounts
Accounts
Value (£)
value
West Midlands
13,572
12.24%
1,186,382,291
10.59%
Yorkshire & Humberside
8,481
7.65%
683,452,190
6.10%
Total
110,900
100.00%
11,204,612,557
100.00%
Indexed* Loan to Value Ratios
The following table shows the range of LTV Ratios, which express the outstanding balance of the aggregate of Loans as
at the Cut-off Date divided by the indexed valuation of the Property securing the relevant Loans at the same date.
Number of Mortgage
Accounts
Value (£)
% of Total of value
0% < 25%
18,638
761,262,703
6.79%
> 25% to 50%
36,613
3,145,609,887
28.08%
> 50% to 55%
8,555
966,289,426
8.62%
> 55% to 60%
8,382
1,008,163,821
9.00%
> 60% to 65%
8,483
1,078,776,400
9.63%
> 65% to 70%
9,415
1,291,649,298
11.53%
> 70% to 75%
8,387
1,144,203,328
10.21%
> 75% to 80%
6,252
884,864,883
7.90%
> 80% to 85%
4,335
653,679,966
5.83%
> 85% to 90%
1,538
226,128,257
2.02%
> 90% to 95%
280
41,239,030
0.37%
> 95% to 100%
14
2,303,157
0.02%
> 100%
8
442,401
0.00%
Total
110,900
11,204,612,557
100.00%
*Indexation is based upon the Halifax Index and is applied on a regional basis to property valuations on a quarterly basis in January, April, July and
October of each year.
LTV ratios at origination
The following table shows the range of LTV ratios, which express the outstanding balance of the aggregate of Loans in
the Portfolio (which incorporates all Loans secured on the same Property) as at the Cut-off Date based on the original
amount advanced on the date of the origination of the Loan, divided by the value of the Property securing the Loans at
that date.
Range of Loan-to-
Value Ratios at
Number of Mortgage
origination*
Accounts
Value (£)
% of total of value
0% < 25%
11,520
580,573,397
5.18%
> 25% to 50%
36,113
3,050,416,475
27.22%
> 50% to 55%
8,333
886,966,510
7.92%
> 55% to 60%
10,919
1,279,015,332
11.42%
> 60% to 65%
7,747
924,094,668
8.25%
> 65% to 70%
8,835
1,110,933,654
9.91%
9


Range of Loan-to-
Value Ratios at
Number of Mortgage
origination*
Accounts
Value (£)
% of total of value
> 70% to 75%
11,386
1,571,474,298
14.03%
> 75% to 80%
5,685
716,725,603
6.40%
> 80% to 85%
2,439
291,134,799
2.60%
> 85% to 90%
3,760
424,229,086
3.79%
> 90% to 95%
3,994
356,308,539
3.18%
> 95% to 100%
135
9,822,258
0.09%
> 100%
34
2,917,940
0.03%
Total
110,900
11,204,612,557
100.00%
* Excluding capitalised interest, capitalised high LTV fees, insurance fees, booking fees and valuation fees.
Repayment Terms
The following table shows the repayment terms for the Loans as at the Cut-off Date.
Number of Loans
Value (£)
% of total of value
Interest Only
96,821
4,933,894,644
44.03%
Repayment
180,632
6,270,717,913
55.97%
Total
277,453
11,204,612,557
100.00%
Seasoning of loans
The following table shows the number of months since the date of origination of the Loan. The ages and balances of
the Loans in this table have been taken as at the Cut-off Date.
% of total of
% of total of
Age of Loans in months
Number of Loans
Loans
Value (£)
value
6 months
0
0.00%
0
0.00%
6 to 11 months
7,047
2.54%
306,768,799
2.74%
12 to 17 months
18,672
6.73%
920,420,071
8.21%
18 to 23 months
15,005
5.41%
794,586,246
7.09%
24 to 29 months
49,943
18.00%
2,329,243,364
20.79%
30 to 35 months
55,479
20.00%
2,487,914,479
22.20%
36 to 41 months
19,710
7.10%
903,532,304
8.06%
42 to 47 months
15,089
5.44%
703,559,639
6.28%
48 to 53 months
7,869
2.84%
308,107,698
2.75%
54 to 59 months
6,893
2.48%
276,812,066
2.47%
60 to 65 months
8,340
3.01%
312,960,262
2.79%
66 to 71 months
5,753
2.07%
177,440,091
1.58%
72+ months
67,653
24.38%
1,683,267,538
15.02%
Totals
277,453
100.00%
11,204,612,557
100.00%
10