Barclays to price step-up fixed-rate callable notes due 2028 via BofA

By Angela McDaniels

Tacoma, Wash., May 31 - Barclays Bank plc plans to price step-up fixed-rate callable notes due June 20, 2028, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be

• The initial interest rate in years one through six;

• The initial interest rate plus 50 basis points in years seven through 10;

• The initial interest rate plus 100 bps in years 11 and 12;

• The initial interest rate plus 200 bps in years 13 and 14; and

• The initial interest rate plus 300 bps in year 15.

The initial interest rate is expected to be at least 2.85% and will be set at pricing. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning June 20, 2014, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the underwriter.

The notes are expected to price June 14 and settle June 20.

The Cusip number is 06741TWL7.

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