Barclays plans callable range accrual notes on 10-year ICE swap rate

New York, July 24 – Barclays Bank plc plans to price callable range accrual securities due Aug. 3, 2020 linked to 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at an annualized rate of 7.3% for each day that the 10-year ICE swap rate is greater than or equal to 80% of its initial rate. Interest is payable monthly.

The payout at maturity will be par unless the 10-year ICE swap rate finishes below 80% of its initial rate, in which case the payout will be par plus the return with full exposure to the decline.

Beginning Feb. 1, 2019, Barclays may call the notes on any quarterly redemption date at par.

Barclays is the agent.

The notes will price on July 27 and settle on Aug. 1.

The Cusip number is 06746XJT1.

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