Barclays plans fixed-to-floating notes linked to ICE swap-rate spread

By Sarah Lizee

Olympia, Wash., Jan. 25 – Barclays Bank plc plans to price fixed-to-floating rate notes due Feb. 2, 2023 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.

The coupon will be between 5% and 5.25% for the first year. After that, the interest rate will be equal to the spread of the 10-year swap rate minus the two-year swap rate times a multiplier of 10, subject to the maximum interest rate of 10% and the minimum interest rate of 0%. Interest will be payable quarterly.

The fixed interest rate will be set on the pricing date.

The payout at maturity will be par.

Barclays is the agent.

The notes will price on Jan. 30 and settle on Feb. 2.

The Cusip number is 06744CT76.

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