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Barclays plans to price step-up callable notes with 3.5% initial rate
By Angela McDaniels
Tacoma, Wash., Oct. 28 - Barclays Bank plc plans to price step-up fixed-rate callable notes due Nov. 14, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is expected to be 3.5% in years one through seven, 4.5% in years eight through 10, 5.5% in years 11 through 13, 7% in year 14 and 8% in year 15. The exact interest rates will be set at pricing. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Nov. 14, 2018, the notes will be callable at par on any interest payment date.
Barclays is the agent.
The notes will price Nov. 8 and settle Nov. 14.
The Cusip number is 06741TV79.
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