Lloyds Banking Group (Lloyds) (BBB+/A3/A+) launched a seven-year, benchmark Kangaroo transaction on 27 February. The forthcoming deal will emerge in either or both of fixed- or floating-rate format, and has indicative price guidance of 140-145 basis points area over swap benchmarks. Pricing is expected on the day after launch, according to lead managers ANZ, J.P. Morgan, National Australia Bank and TD Securities.