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Barclays plans callable 15-year range accrual notes linked to Libor
By Susanna Moon
Chicago, Jan. 10 - Barclays Bank plc plans to price callable range accrual callable notes due Jan. 30, 2029 linked to six-month Libor, according to an 424B2 filing with the Securities and Exchange Commission.
For the first six years, interest will accrue at 6% for each day that six-month Libor is 5% or less. In year seven, the rate will step up to 10% for each day that six-month Libor is 5% or less. Interest is payable quarterly.
The payout at maturity will be par unless the final index level is less than 50% of the initial level, in which case investors will lose 1% for every 1% that the final index level is less than the initial index level.
The notes will be callable at par on any interest payment date.
Barclays is the underwriter.
The notes will price on Jan. 27 and settle on Jan. 30.
The Cusip number is 06741T4J3.
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