Barclays plans callable step-up notes with 4% initial rate via Merrill

By Toni Weeks

San Diego, May 3 - Barclays Bank plc plans to price callable step-up fixed-rate notes due May 17, 2027, according to an FWP filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch will be the agent.

The coupon will be 4% for the first six years. Beginning May 17, 2018, the interest rate will consist of a fixed percentage that will be determined at pricing plus a coupon of 4% until May 16, 2022, 5.25% until May 16, 2025 and 7% until maturity. The fixed percentage will be at least 0%. Interest is payable semiannually.

The notes are callable at par on any interest payment date from May 17, 2015 until Nov. 17, 2026, inclusive.

The payout at maturity will be par.

The notes (Cusip: 06738K4P3) will price May 11 and settle May 17.

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