New Issue: Barclays prices $5 million fixed-to-floaters tied to ICE swap rate

By Sarah Lizee

Olympia, Wash., Jan. 25 – Barclays Bank plc priced $5 million of fixed-to-floating notes due Jan. 26, 2028 linked to the 10-year U.S. Dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 5% for the first two years. After that, the rate will be equal to the 10-year ICE swap rate plus a spread of 10 basis points. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Fixed-to-floating notes
Amount:	$5 million
Maturity:	Jan. 26, 2028
Coupon:	5% initially; from Jan. 26, 2020, equal to 10-year ICE swap rate plus 10 bps, subject to 0% floor; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	Non-callable
Pricing date:	Jan. 23
Settlement date:	Jan. 26
Underwriter:	Barclays
Fees:	0.75%
Cusip:	06744CT50

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