Barclays plans capped fixed-to-floaters due 2023 tied to 10-year CMS

By Jennifer Chiou

New York, Feb. 22 - Barclays Bank plc plans to price fixed-to-floating notes due March 8, 2023 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 1.5% for the first year. Beginning on March 8, 2014, it will be equal to the 10-year CMS rate plus 12.5 basis points, with a maximum rate of 4% until March 8, 2017, 5% until March 8, 2019, 6% until March 8, 2021 and then 7% until maturity. Interest is payable quarterly.

The payout at maturity will be par.

The notes are expected to settle on March 8.

Barclays Capital Inc. is the agent.

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