Davis Polk advised Lloyds Bank plc on its SEC-registered offering of $1 billion aggregate principal amount of 2.35% senior notes due 2019, fully and unconditionally guaranteed by Lloyds Banking Group plc. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Lloyds Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint bookrunning managers. 

Based in the United Kingdom, Lloyds Banking Group offers banking, insurance, pension and investment services, with a focus on retail and commercial financial services, and has over 30 million customers in the United Kingdom.  

The Davis Polk corporate team included partner John Banes and associates Radoslaw Michalak and Julia Danforth. Partner John D. Paton, counsel Alon Gurfinkel and associates Omer Harel and Lena X. Qiu provided U.S. tax advice. Partner Jonathan Cooklin and counsel David Wilson provided U.K. tax advice. All members of the Davis Polk team are based in the London office.