By Jennifer Chiou
New York, May 29 - Barclays Bank plc priced $4 million of capped callable CMS steepener notes due May 30, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 10% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, minus 25 basis points, subject to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning on May 30, 2015.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS steepener notes
|
| Amount: | $4 million
|
| Maturity: | May 30, 2034
|
| Coupon: | 10% for one year; then four times spread of 30-year CMS rate over two-year CMS rate, minus 25 bps, with cap of 10%, floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning May 30, 2015
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Agent: | Barclays
|
| Fees: | 3.75%
|
| Cusip: | 06741UDA9
|
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