New Issue: Barclays prices $6.56 million step-up callable notes due 2038 with 3.5% initial rate

By Susanna Moon

Chicago, Jan. 25 - Barclays Bank plc priced $6.56 million of step-up callable fixed-rate notes due Jan. 29, 2038, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3.5% for the first seven years, stepping up to 4% on Jan. 29, 2020, to 5% on Jan. 29, 2025, to 6% on Jan. 29, 2029, to 7% on Jan. 29, 2033 and to 8% on Jan. 29, 2020. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Step-up callable fixed-rate notes
Amount:	$6.56 million
Maturity:	Jan. 29, 2038
Coupon:	3.5% initially, stepping up to 4% on Jan. 29, 2020, to 5% on Jan. 29, 2025, to 6% on Jan. 29, 2029, to 7% on Jan. 29, 2033 and to 8% on Jan. 29, 2020; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Jan. 29, 2014
Pricing date:	Jan. 24
Settlement date:	Jan. 29
Agent:	Barclays
Fees:	2.25%
Cusip:	06741TMM6

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