By Wendy Van Sickle
Columbus, Ohio, Aug. 31 – Barclays Bank plc priced $1.64 million of fixed- to floating-rate notes due Aug. 31, 2023 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 6% for the first year. Beginning Aug. 23, 2020, the interest rate will be equal to 7 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 9%. Interest will be payable quarterly.
The payout at maturity will be par.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Fixed-to-floating notes
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| Underlying rates: | 30-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
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| Amount: | $1.64 million
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| Maturity: | Aug. 31, 2023
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| Coupon: | 6% for the first year; beginning Aug. 31, 2019, equal to 7 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 9%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Underwriters: | Barclays and UBS Financial Services Inc.
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| Fees: | 2.5%
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| Cusip: | 06746XM34
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