Davis Polk advised Lloyds Banking Group plc, a public limited company incorporated in Scotland, on its SEC-registered offering of $1 billion aggregate principal amount of 4.5% subordinated Tier 2 notes due 2024. Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC and Nomura Securities International, Inc. 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.  

The Davis Polk corporate team included partner John Banes and associates Radoslaw Michalak, Amy T. Alter 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, counsel David Wilson and associate Dominic Foulkes provided U.K. tax advice. All members of the Davis Polk team are based in the London office.