By Toni Weeks
San Luis Obispo, March 19 - Barclays Bank plc priced an additional $14 million of capped callable steepener notes due March 21, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the deal size to $17 million. The initial $3 million of the notes priced on Feb. 22.
The interest rate will be 10.25% for the first year. After that, it will be equal to four times the spread of the 30-year CMS rate over the five-year CMS rate minus 45 basis points, up to a maximum rate of 10.25%. Interest will be payable semiannually and cannot be less than zero.
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: | Callable capped CMS steepener notes
|
| Underlying: | 30-year and five-year Constant Maturity Swap rates
|
| Amount: | $17 million, up from $3 million
|
| Maturity: | March 21, 2033
|
| Coupon: | 10.25% initially; beginning March 21, 2014, four times spread of 30-year CMS rate over five-year CMS rate less 45 bps, capped at 10.25% and floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any quarterly interest payment date beginning March 21, 2014
|
| Pricing dates: | Feb. 22 (for $3 million); March 19 (for $14 million)
|
| Settlement date: | March 21
|
| Agent: | Barclays
|
| Fees: | 5%
|
| Cusip: | 06741TPR2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
