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Barclays to price capped callable CMS steepener notes due 2033
By Susanna Moon
Chicago, March 22 - Barclays Bank plc plans to price capped callable steepener notes due March 28, 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.
Interest rate will be 10.25% for the first year. Beginning on March 28, 2014, it will be 4 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% per year. 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 beginning March 28, 2014.
Barclays is the agent.
The notes will settle on March 28.
The Cusip number is 06741TRP4.
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