Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million fixed-to-floaters on ICE swap rate
By Marisa Wong
Morgantown, W.Va., April 1 – Barclays Bank plc priced $1 million of fixed- to floating-rate notes due March 14, 2029 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first year. Beginning March 14, 2021, the interest rate will be equal to the 10-year swap rate plus a spread of 25 basis points, subject to a floor of zero. Interest will be payable quarterly.
The payout at maturity will be par.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Fixed-to-floating notes
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Underlying rate: | 10-year U.S. dollar ICE swap rate
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Amount: | $1 million
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Maturity: | March 14, 2029
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Coupon: | 5% for the first year; beginning March 14, 2021, equal 10-year swap rate plus 25 bps, 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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Pricing date: | March 11
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Settlement date: | March 14
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Underwriter: | Barclays
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Fees: | 1.65%
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Cusip: | 06747MJP2
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