Barclays plans to price step-up callable notes with 2.5% initial rate

By Toni Weeks

San Luis Obispo, Calif., March 27 - Barclays Bank plc plans to price step-up fixed-rate callable notes due April 16, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.5% for the first five years, stepping up to 3.75% on April 16, 2019 and to 6.25% on April 16, 2020. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning April 16, 2015, the notes will be callable at par on any interest payment date.

The notes (Cusip: 06741UBD5) are expected to price April 11 and settle April 16.

Barclays is the agent.

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