By Sarah Lizee
Olympia, Wash., April 25 – Barclays Bank plc priced $8.5 million of fixed-to-floating notes due April 30, 2021 linked to the spread between the 10-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.
Interest will be 2.5% for the first year and 3% for the second year. After that, interest will be equal to 9.1 times the spread of the 10-year swap rate minus the two-year swap rate, subject to a minimum interest rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are non-callable.
Barclays is the underwriter, and JPMorgan is the placement agent.
Issuer: | Barclays Bank plc
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Issue: | Fixed-to-floating notes
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Underlying rates: | 10-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
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Amount: | $8.5 million
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Maturity: | April 30, 2021
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Coupon: | 2.5% for first year, 3% for second year; beginning April 30, 2020 equal to 9.1 times the spread of the 10-year swap rate minus the two-year swap rate, subject to a floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | Non-callable
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Pricing date: | April 23
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Settlement date: | April 30
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Underwriter: | Barclays with JPMorgan as the placement agent
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Fees: | 2%
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Cusip: | 06746X6S7
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