Published on 9/6/2023 in the Prospect News Investment Grade Daily and Prospect News Structured Products Daily.
New Issue: Barclays prices $120 million fixed-to-floating rate notes on SOFR
By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – Barclays Bank plc priced $120 million of fixed-to-floating rate notes due Sept. 5, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 6.5% until Sept. 5, 2024. After that, it will be compounded SOFR plus a 75 basis points spread, subject to a 0.75% floor. Interest is payable quarterly.
The payout at maturity will be par.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Fixed-to-floating rate notes
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Amount: | $120 million
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Maturity: | Sept. 5, 2025
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Coupon: | 6.5% until Sept. 5, 2024; after that, SOFR plus 75 bps with a 0.75% floor; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 31
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Settlement date: | Sept. 5
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Agent: | Barclays
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Fees: | 0%
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Cusip: | 06745NE93
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