Lloyds Banking (NYSE: LYG) to redeem £500M notes and cancel NYSE listing

Rhea-AI Filing Summary

Lloyds Banking Group plc will redeem its £500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031 in full. The group has issued a notice of redemption for the entire outstanding principal amount under the governing subordinated debt indenture.

The securities will be redeemed on September 15, 2026 at 100% of their principal amount plus any accrued but unpaid interest to, but excluding, the redemption date. On or before that date, Lloyds will irrevocably deposit with the trustee or a paying agent funds sufficient to pay the total redemption price, after which interest will cease to accrue and the securities will no longer be outstanding.

The listing of these subordinated securities on the New York Stock Exchange will be cancelled on, or shortly after, September 15, 2026. Holders may surrender their securities and obtain payment of the redemption price through The Bank of New York Mellon, London Branch.

Key Figures

Principal Amount of Securities: £500,000,000 Coupon Rate: 1.985% Redemption Date: September 15, 2026 +3 more

6 metrics

Principal Amount of Securities £500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031 being redeemed in full

Coupon Rate 1.985% Fixed rate on the subordinated debt securities due 2031

Redemption Date September 15, 2026 Date on which the subordinated securities will be redeemed and interest will cease

Redemption Price 100% of principal amount Plus accrued but unpaid interest to, but excluding, the Redemption Date

ISIN XS2351166421 Identifier for the 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031

Telephone (Contact) +44 (0)207 356 1122 Contact number for Head of GCT Capital Markets regarding the redemption

Key Terms

Subordinated Debt Securities, Fixed Rate Reset, Redemption Date, Redemption Price, +1 more

5 terms

Subordinated Debt Securities financial

"£500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031"

Fixed Rate Reset financial

"£500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031"

A fixed rate reset is a feature in some bonds or preferred shares where the interest or dividend rate is periodically recalculated and then fixed for the next term according to a pre-set reference (for example, a market rate) plus a set extra amount. It matters to investors because it changes the security’s future income and interest-rate sensitivity—like a thermostat that is reprogrammed at intervals so your heating cost adjusts in steps to current conditions rather than staying completely fixed or constantly changing.

Redemption Date financial

"The outstanding Securities will be redeemed on September 15, 2026 (the “Redemption Date”)"

The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.

Redemption Price financial

"an amount equal to 100% of their principal amount ... (the “Redemption Price”)"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

forward-looking statements regulatory

"This document contains certain forward-looking statements within the meaning of Section 21E"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

What is Lloyds Banking Group plc (LYG) redeeming in this 6-K announcement?

Lloyds Banking Group plc is redeeming its £500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031. The entire outstanding principal amount will be repaid, ending interest accrual and cancelling the NYSE listing for these specific securities.

When will Lloyds Banking Group plc (LYG) complete the redemption of the £500 million subordinated securities?

The redemption will occur on September 15, 2026, the designated Redemption Date. On that date, the full redemption price becomes due and payable and interest on the subordinated securities will cease to accrue for all remaining holders.

At what price are LYG’s £500,000,000 subordinated securities being redeemed?

The subordinated securities are being redeemed at 100% of their principal amount, plus any accrued but unpaid interest to, but excluding, September 15, 2026. This combined amount is defined as the Redemption Price in the company’s announcement.

What happens to the NYSE listing of LYG’s 1.985% subordinated securities after redemption?

The NYSE listing of the 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031 will be cancelled on, or shortly after, September 15, 2026. After cancellation, these particular debt securities will no longer trade on the New York Stock Exchange.

How will LYG ensure funds are available to pay the Redemption Price on the subordinated securities?

Before the Redemption Date, Lloyds Banking Group will irrevocably deposit with the trustee or a paying agent an amount sufficient to pay the total Redemption Price. Once deposited, holders’ rights are limited to receiving that redemption payment, without further interest.

Where can holders of LYG’s redeemed subordinated securities present them for payment?

Holders can surrender the securities and obtain payment of the Redemption Price at The Bank of New York Mellon, London Branch, 160 Queen Victoria Street, London EC4V 4LA, which is acting as the location specified for settlement of the redeemed notes.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/18/2026 - 06:05 AM Accepted by SEC EDGAR 08/18/2026 - 06:04 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer 

Pursuant to Rule 13a-16 or 15d-16 

of the Securities Exchange Act of 1934

August 18, 2026

LLOYDS BANKING GROUP plc 

(Translation of registrant's name into English)

33 Old Broad Street

London EC2N 1HZ

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports

under cover Form 20-F or Form 40-F.

Form 20-F..X..     Form 40-F

Indicate by check mark whether the registrant by furnishing the information

contained in this Form is also thereby furnishing the information to the

Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes     No ..X..

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule

12g3-2(b): 82- ________

LLOYDS BANKING GROUP plc

On August 18, 2026, Lloyds Banking Group plc issued a press release titled “Redemption of £500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031”.

A copy of the press release is attached hereto as Exhibit 99.1.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LLOYDS BANKING GROUP PLC (Registrant)
	By:	/s/ Kris Middleton
	Name: Kris Middleton
	Title:   Head of Capital Markets

Date: August 18, 2026

Exhibit Index

Exhibit	Description of Exhibit
99.1	Press release dated August 18, 2026

 Exhibit 99.1

Redemption of £500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031

Lloyds Banking Group plc

£500,000,000 1.985% Fixed Rate Reset Subordinated Debt Securities due 2031 (ISIN: XS2351166421, Common Code: 235116642) (the “Securities”) 

August 18, 2026. Lloyds Banking Group plc (the “Group”) announces that it has issued a notice of redemption for the entire outstanding principal amount of the Securities. A notice of redemption pursuant to the terms of the Subordinated Debt Securities Indenture dated November 4, 2014 as amended and supplemented by the Eighth Supplemental Indenture dated June 15, 2021 governing the Securities has been distributed to The Bank of New York Mellon, acting through its London Branch, as Trustee (the “Trustee”).

The outstanding Securities will be redeemed on September 15, 2026 (the “Redemption Date”) at an amount equal to 100% of their principal amount, together with any accrued but unpaid interest to, but excluding, the Redemption Date (the “Redemption Price”). Accordingly, the listing of the Securities on the New York Stock Exchange will be cancelled on, or shortly after, September 15, 2026.

The location where Holders may surrender the Securities and obtain payment of the Redemption Price is The Bank of New York Mellon, London Branch, 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, Attn: Corporate Trust Administration, Email: corpsov4@bnymellon.com

On the Redemption Date, the Redemption Price will become due and payable and interest on the Securities will cease to accrue. Before the Redemption Date, the Group will irrevocably deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay the total Redemption Price of each of the Securities. When the Group makes such a deposit, all rights of holders of the Securities will cease, except the holders’ rights to receive the Redemption Price, but without interest, and the Securities will no longer be outstanding.

For further information in relation to the redemption of the Securities, please contact:

Group Corporate Treasury:

Kris Middleton
Head of GCT Capital Markets
Telephone: +44 (0)207 356 1122

Forward Looking Statements

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Banking Group plc together with its subsidiaries (the Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity,

risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Group’s future financial performance; the level and extent of future impairments and write-downs; the Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the escalation of conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Group’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting insurance business and defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Group; risks associated with the Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; risks related to new and emerging technologies, including artificial intelligence technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; assumptions and estimates that form the basis of the Group’s financial statements; and potential changes in dividend policy. A number of these influences and factors are beyond the Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Banking Group plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Banking Group plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Banking Group plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 15.7 KB