Barclays to price 15-year step-up callable notes with 3% initial rate

By Jennifer Chiou

New York, Sept. 24 – Barclays Bank plc plans to price step-up fixed-rate callable notes due Oct. 15, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% for the first five years, stepping up to 4% on Oct. 15, 2019, to 5% on Oct. 15, 2021, to 6% on Oct. 15, 2026 and to 7% on Oct. 15, 2028. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

The notes (Cusip: 06741UKK9) will price on Oct. 9 and settle on Oct. 15.

Barclays is the agent.

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