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

By Angela McDaniels

Tacoma, Wash., Aug. 6 - Barclays Bank plc plans to price step-up fixed-rate callable notes due Aug. 16, 2028, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be equal to

• The initial interest rate in years one through six;

• The initial interest rate plus 75 basis points in years seven through nine;

• The initial interest rate plus 200 bps in years 10 through 12; and

• The initial interest rate plus 400 bps in years 13 through 15.

The initial interest rate is expected to be at least 3.15% and will be set at pricing. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning Aug. 16, 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 Aug. 13 and settle Aug. 16.

The Cusip number is 06741TC39.

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