Davis Polk advised Lloyds TSB Bank plc, a public limited company incorporated in England, on its SEC-registered offerings of $2.25 billion aggregate principal amount of 4.875% senior notes due 2016, $2.5 billion aggregate principal amount of 6.375% senior notes due 2021, and $2 billion aggregate principal amount of senior floating-rate notes due 2014, each fully and unconditionally guaranteed by Lloyds Banking Group plc. The offerings were fully underwritten, with Barclays plc, Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acting as joint bookrunners and joint lead managers; Lloyds Bank Corporate Markets acted as joint lead manager.

Lloyds TSB Bank plc is a wholly owned subsidiary of Lloyds Banking Group plc, a global financial institution based in the United Kingdom offering banking, investments, insurance and retirement services worldwide.

The Davis Polk corporate team included partner John W. Banes and associates Jeannette K. Safi and Shane Tintle. Partner John D. Paton and associate Adam B. Perry provided tax advice. Bhupinder Grewal was the legal assistant on the transaction. All of the members of the Davis Polk team are based in the London office.