By Susanna Moon
Chicago, July 8 - Barclays Bank plc priced $2 million of callable CMS steepener notes due July 28, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 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, up to a maximum rate of 10% per year in each interest period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Underlying rates: | 30-year and two-year CMS rates
|
| Amount: | $2 million
|
| Maturity: | July 28, 2025
|
| Coupon: | 10% for one year; after that, four times spread of 30-year CMS rate over two-year CMS rate, capped at 10%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates
|
| Pricing date: | July 7
|
| Settlement date: | July 28
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 0.25%
|
| Cusip: | 06740PEV4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
