Obligation Llyods Bank 2.38% ( US5394E8AN95 ) en USD

Llyods Bank

90.699 % ▲

Royaume-Uni

US5394E8AN95 ( en USD )

2.38% par an ( paiement semestriel )

26/04/2027

Prospectus brochure de l'obligation Lloyds Bank US5394E8AN95 en USD 2.38%, échéance 26/04/2027

1 000 USD

11 000 000 USD

5394E8AN9

A+ ( Qualité moyenne supérieure )

N/A

26/04/2026 ( Dans 132 jours )

Lloyds Banking Group est une société financière britannique fournissant des services bancaires de détail, commerciaux et de gestion de patrimoine à travers ses marques, dont Lloyds Bank, Halifax et Bank of Scotland.

L'obligation émise par Lloyds Bank (ISIN : US5394E8AN95, CUSIP : 5394E8AN9), d'une valeur nominale totale de 11 000 000 USD et négociée en USD, offre un taux d'intérêt de 2,38 %, avec des paiements semestriels, une maturité fixée au 26/04/2027, une taille minimale d'achat de 1 000 USD, et actuellement cotée à 86,6 % de sa valeur nominale, et notée A+ par Standard & Poors.

http://www.sec.gov/Archives/edgar/data/1160106/000095010312002160...
424B5 1 dp30134_424b5-ps10.htm PRICING SUPPLEMENT
CALCULATION OF REGISTRATION FEE

Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee (1)
Senior Callable CMS Steepener Notes due April 26, 2027
$11,000,000.00
$1,260.60
Guarantee of Senior Callable CMS Steepener Notes due April 26, 2027

(2)
Total
$11,000,000.00
$1,260.60
(1) Calculated in accordance with Rule 457(r)
(2) Pursuant to Rule 457(n), no separate fee is payable with respect to the guarantee

Pricing Supplement No. 10
Filed Pursuant to Rule 424(b)(5)
(To Prospectus Supplement dated June 6, 2011
Registration Nos. 333-167844 and 333-167844-01
and Prospectus dated December 22, 2010)
April 23, 2012
US $11,000,000
Lloyds TSB Bank plc
fully and unconditionally guaranteed by
Lloyds Banking Group plc
Senior Callable CMS Steepener Notes due April 26, 2027
Medium-Term Notes, Series A

Notes:
Senior Cal able CMS Steepener Notes
Issuer:
Lloyds TSB Bank plc
due April 26, 2027, Medium-Term
Guarantor:
Lloyds Banking Group plc
Notes, Series A (each a "Note" and
collectively, "the Notes").
Aggregate Principal Amount:
US$11,000,000
Trade Date:
April 23, 2012
Issue Price:
100.00%
Issue Date:
April 26, 2012
CUSIP:
5394E8AN9
Maturity Date:
April 26, 2027, subject to redemption at
ISIN:
US5394E8AN95
the option of the Issuer (as set forth
below).
Business Day:
New York and London, fol owing,
Day-Count Convention:
30/360
unadjusted
Payment at Maturity:
100% repayment of principal, plus any
Denominations:
Minimum denominations of $1,000
accrued and unpaid interest, at maturity
and multiples of $1,000 thereafter.
or upon early redemption. Repayment
of principal at maturity, or upon early
redemption, if applicable, and all
payments of interest are subject to
the creditworthiness of Lloyds TSB
Bank plc, as the Issuer, and Lloyds
Banking Group plc, as the
Guarantor of the Issuer's obligations
under the Notes.
Interest Rate:
For each Interest Period (as defined below) commencing on or after the Issue Date to, but excluding, April 26, 2013,
the interest rate per annum wil be equal to the Initial Interest Rate.
For each Interest Period commencing on or after April 26, 2013, the interest rate per annum wil be equal to the
product of (1) the Multiplier and (2) the Reference Rate, subject to the Minimum Interest Rate and the applicable
Maximum Interest Rate (the "Floating Interest Rate").
Reference
An amount determined by the Calculation Agent equal to
Initial Interest Rate:
8.00% per annum
Rate:
the CMS Spread, which is 30 Year CMS Rate minus 2
Maximum Interest Rate:
From and including April 26, 2013 to but
Year CMS Rate
excluding April 26, 2018, 8.00% per
annum.
From and including April 26, 2018 to but
excluding April 26, 2022, 8.50% per
annum.
From and including April 26, 2022 to but
excluding April 26, 2024, 9.00% per
annum.
CMS Rates:
The CMS Rate with a maturity of 30 years ("30 Year
From and including April 26, 2024 to but
CMS Rate") and the CMS Rate with a maturity of 2 years
excluding April 26, 2026, 10.00% per
("2 Year CMS Rate"), which appears on Reuters
annum.
ISDAFIX1 page (the "ISDAFIX1 Page") as of 11:00 a.m.,
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New York City time, on the relevant Interest
From and including April 26, 2026 to but
Determination Date
excluding the Maturity Date, 12.00% per
annum.
Minimum Interest Rate:
0.25% per annum
Multiplier:
For Interest Periods commencing on or after April 26, 2013: 4.00

Interest Payment Dates:
Quarterly, payable in arrears on the 26th day of each January, April, July and October, commencing on (and

including) July 26, 2012, and ending on the Maturity Date or the Early Redemption Date, if applicable.
Redemption at the Option of
We may redeem all, but not less than all, of the Notes at the Redemption Price set forth below, on any Interest

the Issuer:
Payment Date commencing on April 26, 2015, provided we give at least 5 business days' and not more than 60
days prior written notice to each holder of Notes, the trustee and The Depository Trust Company ("DTC"). If we
exercise our redemption option, the Interest Payment Date on which we so exercise it wil be referred to as the
"Early Redemption Date," which shall be the date the Redemption Price wil become due and payable and on which
payments of interest wil cease to accrue.
Redemption Price:
If we exercise our redemption option, you wil be entitled to receive on the Early Redemption Date 100% of the

principal amount together with any accrued and unpaid interest to, but excluding, the Early Redemption Date.
Tax Redemption:
Fol owing the occurrence of one or more changes in tax law that would require the Issuer or the Guarantor to pay

additional amounts and in other limited circumstances as described under "Description of the Notes and the
Guarantees--Redemption for Tax Reasons" in the prospectus supplement and "Description of Debt Securities
--Redemption" in the prospectus, the Issuer may redeem all, but not fewer than all, of the Notes prior to maturity.
Settlement and Clearance:
DTC; Book-entry

Listing:
The Notes wil not be listed or displayed on any securities exchange or quotation system.

Trustee and Paying Agent:
The Bank of New York Mel on, acting through its London Branch

Selling Agent:
Barclays Capital, Inc. (the "Selling Agent")

Calculation Agent:
Barclays Bank PLC

Governing Law:
New York

Investing in the Notes involves significant risks. See "Risk Factors" beginning on page S-2 of the prospectus supplement and "Risk Factors"
beginning on page PS-5 below.
The Notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency.
None of the Securities and Exchange Commission, any state securities commission or any other regulatory body has approved or disapproved
of these Notes or passed upon the adequacy or accuracy of this pricing supplement, the accompanying prospectus supplement or the
accompanying prospectus. Any representation to the contrary is a criminal offense.

Price to Public (1) (2)
Selling Agent's Commission (2) Proceeds to Lloyds TSB Bank plc
Per Note
$1,000.00
$50.00
$950.00
Total
$11,000,000.00
$550,000.00
$10,450,000.00
(1) The proceeds you might expect to receive if you were able to resell the Notes on the Issue Date are expected to be less than the Issue Price. This is
because the Issue Price includes the Selling Agent's commission set forth above and also reflects certain hedging costs associated with the Notes. For
additional information, see "Risk Factors--The Issue Price of the Notes has certain built-in costs, including the Selling Agent's commission and our cost
of hedging, both of which are expected to be reflected in secondary market prices" on page PS-5 of this pricing supplement. The Issue Price also does not
include fees that you may be charged if you buy the Notes through your registered investment advisers for managed fee-based accounts.
(2) The Selling Agent will receive commissions from the Issuer equal to $50 per $1,000 principal amount of the Notes, or $550,000 of the Aggregate
Principal Amount of the Notes, and may retain all or a portion of these commissions or use all or a portion of these commissions to pay selling
concessions or fees to other dealers. See "Supplemental Plan of Distribution" beginning on page PS-15 of this pricing supplement.
April 23, 2012

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ABOUT THIS PRICING SUPPLEMENT

Unless otherwise defined herein, terms used in this pricing supplement are defined in the accompanying prospectus
supplement or in the accompanying prospectus. As used in this pricing supplement:
· "we," "us," "our," the "Issuer" and "Lloyds Bank" mean Lloyds TSB Bank plc;
· "LBG" and "Guarantor" mean Lloyds Banking Group plc;
· "Notes" refers to the Senior Calable CMS Steepener Notes due April 26, 2027, Medium-Term Notes, Series A,
together with the related Guarantee, unless the context requires otherwise; and
· "SEC" refers to the Securities and Exchange Commission.

LBG and Lloyds Bank have filed a registration statement (including a prospectus) with the SEC for the offering to which
this pricing supplement relates. Before you invest, you should read this pricing supplement together with the accompanying
prospectus dated December 22, 2010 (the "prospectus") in that registration statement and other documents, including the
more detailed information contained in the accompanying prospectus supplement dated June 6, 2011 (the "prospectus
supplement"), that LBG and Lloyds Bank have filed with the SEC for more complete information about Lloyds Bank and
LBG and this offering.

This pricing supplement, together with the prospectus supplement and prospectus, contains the terms of the Notes and
supersedes all other prior or contemporaneous oral statements as wel as any other written materials including preliminary
or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets,
brochures or other educational materials of ours.

If the information in this pricing supplement differs from the information contained in the prospectus supplement or the
prospectus, you should rely on the information in this pricing supplement.

You may access these documents for free by visiting EDGAR on the SEC website at www.sec.gov as fol ows (or if
such address has changed, by reviewing our filings for the relevant date on the SEC website):
· the prospectus supplement dated June 6, 2011 and the prospectus dated December 22, 2010 can be accessed at
the following hyperlink:

http://www.sec.gov/Archives/edgar/data/1160106/000095010311002265/dp23013_424b3.htm

Our Central Index Key, or CIK, on the SEC website is 1167831.

Alternatively, LBG, Lloyds Bank, the Sel ing Agent, any underwriter or any dealer participating in the offering wil
arrange to send you the prospectus, prospectus supplement and pricing supplement if you request them by calling your
Sel ing Agent's sales representative, such dealer or tol free 1-888-227-2275 (Extension 2-3430). A copy of these
documents may also be obtained from the Sel ing Agent by writing to them at 745 Seventh Avenue--Attn: US InvSol
Support, New York, NY 10019.

You should rely only on the information provided or incorporated by reference in this pricing supplement, the prospectus
supplement and the prospectus. We have not authorized anyone to provide you with different information, and we take no
responsibility for any other information that others may give you. We and the Sel ing Agent are offering to sel the Notes and
seeking offers to buy the Notes only in jurisdictions where it is lawful to do so. This pricing supplement, the prospectus
supplement and the prospectus are current only as of their respective dates.

PS-1
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KEY TERMS

The information in this section is qualified by the more detailed information set forth in this pricing
supplement, the prospectus supplement and the prospectus.

Title of the Notes:
Senior Cal able CMS Steepener Notes due April 26, 2027, Medium-Term Notes, Series A

Issuer:
Lloyds TSB Bank plc

Guarantor:
Lloyds Banking Group plc

Ranking:
The Notes wil constitute our direct, unconditional, unsecured and unsubordinated obligations
ranking pari passu, without any preference among themselves, with all our other outstanding
unsecured and unsubordinated obligations, present and future, except such obligations as
are preferred by operation of law.

Guarantee:
The Notes are ful y and unconditional y guaranteed by the Guarantor. The Guarantee wil
constitute the Guarantor's direct, unconditional, unsecured and unsubordinated obligations
ranking pari passu with al of the Guarantor's other outstanding unsecured and
unsubordinated obligations, present and future, except such obligations as are preferred by
operation of law.

Aggregate Principal
$11,000,000
Amount:

Denominations:
Minimum denominations of $1,000 and multiples of $1,000 thereafter

Issue Price:
100.00%

Specified Currency:
U.S. dol ars (also referred to as "US$" or "USD")

Trade Date:
April 23, 2012

Issue Date:
April 26, 2012

Maturity Date:
April 26, 2027

Business Day:
Any day, other than a Saturday or Sunday, that is a day on which commercial banks are
general y open for business in New York City and London

Payment at Maturity:
100% repayment of principal, plus any accrued and unpaid interest, at maturity. Repayment
of principal at maturity or upon early redemption, if applicable, and all payments of
interest are subject to the creditworthiness of Lloyds TSB Bank plc, as the Issuer,
and Lloyds Banking Group plc, as the Guarantor of the Issuer's obligations under the
Notes.

Interest Rate:
For each Interest Period commencing on or after the Issue Date to, but excluding, April 26,
2013, the interest rate per annum wil be equal to the Initial Interest Rate.

For each Interest Period commencing on or after April 26, 2013, the interest rate per annum
wil be equal to the product of (1) the Multiplier and (2) the Reference Rate, subject to the
Minimum Interest Rate and the applicable Maximum Interest Rate (the "Floating Interest
Rate").

Initial Interest Rate:
8.00% per annum

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Reference Rate:
An amount determined by the Calculation Agent equal to the CMS Spread, which is 30 Year
CMS Rate minus 2 Year CMS Rate

CMS Rates
The CMS Rate with a maturity of 30 years ("30 Year CMS Rate") and the CMS Rate with a
maturity of 2 years ("2 Year CMS Rate"), which appears on Reuters ISDAFIX1 page (the
"ISDAFIX1 Page") as of 11:00 a.m., New York City time, on the relevant Interest
Determination Date, subject to the provisions set forth under "CMS Rates--Unavailability of
CMS Rates" in this pricing supplement.

PS-2
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Multiplier:
For Interest Periods commencing on or after April 26, 2013: 4.00

Maximum Interest Rate:
From and including April 26, 2013 to but excluding April 26, 2018, 8.00% per annum
From and including April 26, 2018 to but excluding April 26, 2022, 8.50% per annum
From and including April 26, 2022 to but excluding April 26, 2024, 9.00% per annum
From and including April 26, 2024 to but excluding April 26, 2026, 10.00% per annum
From and including April 26, 2026 to but excluding the Maturity Date, 12.00% per annum

Minimum Interest Rate:
0.25% per annum

Interest Payment Dates: Quarterly, payable in arrears on the 26th day of each January, April, July and October,
commencing on (and including) July 26, 2012, and ending on the Maturity Date or the Early
Redemption Date, if applicable. If any Interest Payment Date is not a Business Day,
interest wil be paid on the fol owing Business Day, and interest on that payment wil not
accrue during the period from and after the original y scheduled Interest Payment Date.

Interest Periods:
The first period wil begin on, and wil include, the Issue Date and end on, but exclude, the
first Interest Payment Date. Each subsequent Interest Period wil begin on, and include, the
Interest Payment Date for the preceding Interest Period and end on, but exclude, the next
fol owing Interest Payment Date. The final Interest Period wil end on, but exclude, the
Maturity Date (or the Early Redemption Date, if applicable).

Interest Reset Dates:
For each Interest Period commencing on or after April 26, 2013, the first day of such
Interest Period

Interest Determination
The second U.S. Government Securities Business Day prior to the relevant Interest Reset
Dates:
Date

U.S. Government
Any day, other than a Saturday, Sunday, or a day on which the Securities Industry and
Securities Business Day:
Financial Markets Association (or any successor thereto) recommends that the fixed income
departments of its members be closed for the entire day for purposes of trading in U.S.
government securities.

Business Day
Fol owing unadjusted
Convention:

Day Count Basis:
Interest payable with respect to an Interest Period wil be computed on the basis of a
360-day year of twelve 30-day months.

Payment Determination: The Paying Agent wil calculate the amount you wil be entitled to receive on each Interest
Payment Date, at maturity or upon early redemption, if applicable. For each Interest
Determination Date, the Calculation Agent wil cause to be communicated to us, the Trustee
and the Paying Agent, the relevant Reference Rate. The Paying Agent wil calculate the
amount you wil be entitled to receive on each Interest Payment Date, at maturity or upon
early redemption, if applicable, using the Reference Rate as so provided.

Redemption at the Option We may redeem al , but not less than al , of the Notes at the Redemption Price set forth
of the Issuer:
below, on any Interest Payment Date commencing on April 26, 2015, provided we give at
least 5 business days' and not more than 60 days prior written notice to each holder of
Notes, the trustee and The Depository Trust Company ("DTC"). If we exercise our
redemption option, the Interest Payment Date on which we so exercise it wil be referred to
as the "Early Redemption Date," which shall be the date the Redemption Price wil become
due and payable and on which payments of interest wil cease to accrue.

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Redemption Price:
If we exercise our redemption option, you wil be entitled to receive on the Early Redemption
Date 100% of the principal amount together with any accrued and unpaid interest to, but
excluding, the Early Redemption Date.

Tax Redemption:
Fol owing the occurrence of one or more changes in tax law that would require the Issuer or
the Guarantor to pay additional amounts and in other limited circumstances as described
under "Description of the Notes and the Guarantees--Redemption for Tax Reasons" in the
prospectus supplement and "Description of Debt Securities--Redemption" in the
prospectus, the Issuer may redeem al , but not fewer than al , of the

PS-3
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Notes prior to maturity.

Settlement and
DTC; Book-entry
Clearance:

Listing:
The Notes wil not be listed or displayed on any securities exchange or quotation system.

Calculation Agent:
Barclays Bank PLC

Selling Agent:
Barclays Capital, Inc. (the "Sel ing Agent")

Trustee and Paying
The Bank of New York Mel on, acting through its London Branch
Agent:

Governing Law:
New York

CUSIP:
5394E8AN9

ISIN:
US5394E8AN95

PS-4
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RISK FACTORS

Your investment in the Notes involves significant risks. Your decision to purchase the Notes should be made only
after carefully considering the risks of an investment in the Notes, including those discussed below and in the
section entitled "Risk Factors" beginning on page S-2 of the prospectus supplement, with your advisers in light of
your particular circumstances. The Notes are not an appropriate investment for you if you are not knowledgeable
about significant elements of the Notes or financial matters in general. We also urge you to consult with your
investment, legal, accounting, tax, and other advisers before you invest in the Notes.

The credit risk of Lloyds Bank and LBG and their credit ratings and credit spreads may adversely affect the
value of the Notes.

You are dependent on Lloyds Bank's ability to pay all amounts due on the Notes, and therefore you are subject to the
credit risk of Lloyds Bank and to changes in the market's view of Lloyds Bank's creditworthiness. In addition, because the
Notes are ful y and unconditionally guaranteed by Lloyds Bank's parent company, LBG, you are also dependent on the
credit risk of LBG in the event that Lloyds Bank fails to make any payment or delivery required by the terms of the Notes. If
Lloyds Bank and LBG were to default on their respective payment obligations, you may not receive any amounts owed to
you under the Notes and you could lose your entire investment. The credit ratings of Lloyds Bank and LBG are an
assessment by rating agencies of their ability to pay their obligations, including those under the Notes. Any actual or
anticipated decline in Lloyds Bank's and LBG's credit ratings, or increase in the credit spreads charged by the market for
taking credit risk, is likely to adversely affect the value of the Notes. However, because the return on the Notes is
dependent upon factors in addition to Lloyds Bank's and LBG's credit ratings, an improvement in their credit ratings wil not
necessarily increase the value of the Notes and wil not reduce market risk and other investment risks related to the Notes.

The Issue Price of the Notes has certain built-in costs, including the Selling Agent's commission and our cost of
hedging, both of which are expected to be reflected in secondary market prices.

In determining the economic terms of the Notes, and consequently the potential return on the Notes to you, we have
taken into account compensation to the Sel ing Agent for distributing the Notes, which is reflected in the Sel ing Agent's
commission described on the cover of this pricing supplement, as wel as certain costs associated with hedging our
obligations under the Notes. The Issue Price of the Notes reflects these factors. As a result, the value of the Notes on the
Issue Date is expected to be less than the Issue Price. Assuming no change in market conditions or any other relevant
factors, the price, if any, at which the Sel ing Agent or another purchaser is wil ing to purchase the Notes in secondary
market transactions wil likely be less than the Issue Price. This is due to, among other things, the fact that the Issue Price
includes, and secondary market prices are likely to exclude, the Sel ing Agent's commission with respect to, and the
hedging costs associated with, the Notes. The cost of hedging includes the projected profit that may be realized in
consideration for assuming the risks inherent in managing the hedging transactions. These secondary market prices are
also likely to be reduced by the costs of unwinding the related hedging transactions. A profit may be realized from the
expected hedging activity even if investors do not receive a favorable investment return under the terms of the Notes or in
any secondary market transaction. In addition, any secondary market prices may differ from values determined by pricing
models used by the Sel ing Agent, as a result of dealer discounts, mark-ups or other transaction costs.

After the first year, the Notes are subject to interest payment risk based on the Reference Rate.

Investing in the Notes is not equivalent to investing in securities directly linked to the CMS Rates or the Reference Rate.
Instead, the amount of interest payable on the Notes (after the initial Interest Periods for which the Initial Interest Rate is
payable) is determined by multiplying (a) the applicable Multiplier by (b) the difference between the CMS Rates of the two
maturities identified on the cover page hereof, as determined on the Interest Determination Date applicable to the relevant
Interest Period, subject to the Minimum Interest Rate and the applicable Maximum Interest Rate. Accordingly, the amount
of interest payable on the Notes is dependent on whether, and the extent to which, the Reference Rate is greater than the
Minimum Interest Rate on the Interest Determination Date. Because the Minimum Interest Rate on the Notes is equal to
0.25% per annum, if the Reference Rate on any Interest Determination Date is equal to or less than zero, you would
receive the Minimum Interest Rate on the related Interest Payment Date. If the Reference Rate is equal to or less than
zero on every Interest Determination Date throughout the term of the Notes, then you would receive interest payments on
your Notes at the Minimum Interest Rate throughout the term of the Notes.

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PS-5
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