By Wendy Van Sickle
Columbus, Ohio, July 25 – Barclays Bank plc priced $1 million of callable fixed- to floating-rate notes due July 24, 2034 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 July 24, 2020, the interest rate will be equal to 10 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 6%. Interest will be payable quarterly.
The notes will be callable at par on any coupon payment date beginning July 24, 2020.
The payout at maturity will be par.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable 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 million
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| Maturity: | July 24, 2034
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| Coupon: | 6% for the first year; beginning July 24, 2020, equal to 10 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 6%; payable quarterly
|
| Call option: | At par on any interest payment date beginning July 24, 2020
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | July 19
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| Settlement date: | July 24
|
| Underwriter: | Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06747N6Q2
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