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Barclays plans 20-year callable step-up notes with 3% initial rate
By Susanna Moon
Chicago, Jan. 7 – Barclays Bank plc plans to price step-up fixed-rate callable notes due Jan. 28, 2036, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will be 3% for the first six years, stepping up to 4% on Jan. 28, 2022, to 5% on Jan. 28, 2028, to 6% on Jan. 28, 2032 and to 7% on Jan. 28, 2034. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 14, 2016.
Barclays is the agent.
The notes will settle on Jan. 28.
The Cusip number is 06741U3G7.
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