By Toni Weeks
San Luis Obispo, Calif., April 2 - Barclays Bank plc priced $3 million of capped callable CMS steepener notes due April 19, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 10.25% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, subject to a maximum rate of 10.25%. Interest is 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: | Capped callable CMS steepener notes
|
| Amount: | $3 million
|
| Maturity: | April 19, 2033
|
| Coupon: | 10.25% for one year; then four times spread of 30-year CMS rate over five-year CMS rate, capped at 10.25%, floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning April 19, 2014
|
| Pricing date: | April 2
|
| Settlement date: | April 19
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06741TSE8
|
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