By Sarah Lizee
Olympia, Wash., April 24 – Barclays Bank plc priced $2.48 million of callable range accrual securities due April 25, 2034 linked to the 30-year U.S. dollar ICE swap rate, the two-year U.S. dollar ICE swap rate and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at an annualized rate of 5.75% for each day the spread of the 30-year ICE swap rate minus the two-year ICE swap rate is at least 0% and the index closes at or above 75% of its initial level. Interest is payable quarterly.
After one year, the notes are callable at par plus accrued interest on any quarterly redemption date.
If the notes are not called, the payout will be par.
Barclays is the agent with Morgan Stanley Wealth Management as a distributor.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable range accrual notes
|
| Underlyings: | 30-year U.S. dollar ICE swap rate, two-year U.S. dollar ICE swap rate, S&P 500 index
|
| Amount: | $2.48 million
|
| Maturity: | April 25, 2034
|
| Coupon: | Payable quarterly at annualized rate of 5.75% for each day that the spread of the 30-year ICE swap rate minus the two-year ICE swap rate is at least 0% and the index closes at or above 75% of its initial level; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | Beginning April 3, 2020, at par on any interest payment date
|
| Initial index level: | 2,933.68
|
| Barrier level: | 2,200.26; 75% of initial levels
|
| Pricing date: | April 23
|
| Settlement date: | April 25
|
| Agent: | Barclays
|
| Distributor: | Morgan Stanley Wealth Management
|
| Fees: | 3.5%
|
| Cusip: | 06747MP75
|
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