New Issue: Barclays sells $11.91 million fixed-to-floaters on ICE swap-rate spread

By Sarah Lizee

Olympia, Wash., June 27 – Barclays Bank plc priced $11.91 million of callable fixed- to floating-rate notes due June 28, 2024 linked to the spread between the 30-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.

The coupon will be 5% for the first year. Beginning June 28, 2019, the interest rate will be equal to 25 times the spread of the 30-year swap rate minus the two-year swap rate, subject to a minimum interest rate of 0% and a maximum interest rate of 10%. Interest will be payable quarterly.

The payout at maturity will be par.

The notes are callable at par on any interest payment date beginning June 28, 2019.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Fixed-to-floating notes
Underlying rates:	30-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
Amount:	$11,907,000
Maturity:	June 28, 2024
Coupon:	5% for first year; beginning June 28, 2019, equal to 25 times the spread of the 30-year swap rate minus the two-year swap rate, subject to a floor of 0% and a cap of 10%; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning June 28, 2019
Pricing date:	June 25
Settlement date:	June 28
Underwriter:	Barclays
Fees:	3.25%
Cusip:	06746XF73

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