Lloyds Banking Group is seeking to raise $300m (€246m) in senior notes from US retail investors, in a move that highlights the UK bank's efforts to diversify funding.

According to a term sheet seen by Dow Jones Newswires, Lloyds will offer for the first time to US retail investors the chance to buy notes maturing in July 2050 for $25 each, with a coupon rate of around 7.75%.