Published on 4/22/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.62 million fixed-to-floaters on ICE swap rate
By Sarah Lizee
Olympia, Wash., April 22 – Barclays Bank plc priced $1.62 million of fixed- to floating-rate notes due April 23, 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 April 23, 2020, the interest rate will be equal to the 10-year swap rate plus a spread of 65 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
|
Issue: | Fixed-to-floating notes
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Underlying rate: | 10-year U.S. dollar ICE swap rate
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Amount: | $1,619,000
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Maturity: | April 23, 2029
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Coupon: | 5% for the first year; beginning April 23, 2020, equal 10-year swap rate plus 65 bps, subject to a floor of 0%; payable quarterly
|
Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 17
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Settlement date: | April 23
|
Underwriter: | Barclays
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Fees: | 0.75%
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Cusip: | 06747MMG8
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