Barclays to price step-up callable notes due 2024 via Merrill Lynch

By Angela McDaniels

Tacoma, Wash., Sept. 24 - Barclays Bank plc plans to price step-up fixed-rate callable notes due Oct. 9, 2024 through Bank of America Merrill Lynch, according to an FWP filing with the Securities and Exchange Commission.

The initial interest rate is expected to be 2.8% and will be set at pricing. The interest rate will step up to 100 basis points over the initial interest rate on Oct. 9, 2020 and to 200 bps over the initial interest rate on Oct. 9, 2023. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning Oct. 9, 2013, the notes will be callable at par on any interest payment date.

The notes are expected to price Oct. 4 and settle Oct. 9.

The Cusip number is 06741THA8.

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