Barclays plans 15-year capped, floored fixed-to-floating-rate notes

By Toni Weeks

San Diego, March 18 - Barclays Bank plc plans to price capped, floored, callable fixed-to-floating-rate notes due April 8, 2026, according to an FWP filing with the Securities and Exchange Commission.

The interest rate is 5% for the first year. In years two through five, the coupon will be Libor plus 150 basis points with a cap of 5%. In years six through 10, the coupon will be Libor plus 250 bps with a cap of 6%. In years 11 through 15, the coupon will be Libor plus 350 bps with a cap of 8%. The minimum interest rate throughout the life of the notes is 3%. Interest is payable quarterly.

The notes are callable at par on any interest payment date beginning April 8, 2012.

The payout at maturity will be par.

The notes (Cusip: 06738KEY3) are expected to price April 5 and settle April 8.

Barclays Capital Inc. is the agent.

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