Barclays plans fixed-rate step-up callable notes with 3% initial rate

By Marisa Wong

Madison, Wis., Oct. 23 - Barclays Bank plc plans to price fixed-rate step-up callable notes due Nov. 15, 2032, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 3% for the first six years, stepping up to 4% on Nov. 15, 2018, to 5.5% on Nov. 15, 2024, to 7% on Nov. 15, 2027 and to 8.5% on Nov. 15, 2030. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Nov. 15, 2013.

The notes (Cusip: 06741TJP3) will price on Nov. 9 and settle on Nov. 15.

Barclays is the agent.

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