New Issue: Barclays prices $965,000 fixed-to-floaters with 4% initial rate

By Toni Weeks

San Luis Obispo, Calif., Feb. 20 - Barclays Bank plc priced $965,000 of capped fixed-to-floating notes due Feb. 22, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% for the first year. After that, it will be Libor plus 100 basis points, subject to a maximum interest rate, which will initially be 5% and will step up to 6% on Feb. 22, 2017 and to 7% on Feb. 22, 2020. Interest is payable quarterly.

The payout at maturity will be par.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Capped fixed-to-floating notes
Amount:	$965,000
Maturity:	Feb. 22, 2023
Coupon:	Initially 4%; beginning Feb. 22, 2014, Libor plus 100 bps, with maximum interest rate that initially is 5% and will step up to 6% on Feb. 22, 2017 and to 7% on Feb. 22, 2020
Price:	Variable
Payout at maturity:	Par
Pricing date:	Feb. 19
Settlement date:	Feb. 22
Agent:	Barclays
Fees:	1.5%
Cusip:	06741TNK9

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