By Sarah Lizee
Olympia, Wash., Feb. 8 – Barclays Bank plc priced $2.7 million of fixed-to-floating notes due Feb. 9, 2021 linked to the spread between the 10-year U.S. dollar ICE swap rate and the two-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.75% for the first year. After that, interest will be equal to seven times the spread of the 10-year swap rate minus the two-year swap rate, subject to a minimum interest rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are non-callable.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Fixed-to-floating notes
|
| Underlying rates: | 10-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
|
| Amount: | $2.7 million
|
| Maturity: | Feb. 9, 2021
|
| Coupon: | 3.75% initially; beginning Feb. 9, 2019, seven times the spread of the 10-year swap rate minus the two-year swap rate, subject to floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | Non-callable
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 9
|
| Underwriter: | Barclays
|
| Fees: | 0.06%
|
| Cusip: | 06744CVE8
|
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