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Barclays plans step-up callable notes due 2038 with 4.25% start rate
By Sarah Lizee
Olympia, Wash., March 14 – Barclays Bank plc plans to price step-up fixed-rate callable notes due March 29, 2038, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4.25% initially, stepping up to 4.5% on March 29, 2023, to 5% on March 29, 2028 and to 5.5% on March 29, 2033. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning on March 29, 2023.
The notes (Cusip: 06746X2L6) are expected to price on March 26 and settle on March 29.
Barclays is the agent.
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