Published on 12/13/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.1 million fixed-to-floaters on 10-year ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Barclays Bank plc priced $5.1 million of callable fixed- to floating-rate notes due Dec. 11, 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 4% for the first two years. Beginning Dec. 11, 2021, the interest rate will be equal to the 10-year swap rate plus 25 basis points, subject to a minimum interest rate of 0%. 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 rate notes
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Underlying rate: | 10-year U.S. dollar ICE swap rate
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Amount: | $5.1 million
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Maturity: | Dec. 11, 2029
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Coupon: | 4% for the first two years; beginning Dec. 11, 2021, equal to 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: | Dec. 9
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Settlement date: | Dec. 11
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Underwriter: | Barclays
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Fees: | 1%
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Cusip: | 06747NVN1
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