New Issue: Barclays prices $12 million 8% fixed-to-floating callables on ICE rates

By Susanna Moon

Chicago, Sept. 5 – Barclays Bank plc priced $12 million of callable fixed-to-floating notes due Aug. 30, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 8% for the first year. After that, it will accrue at 50 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate, up to a maximum interest rate of 8%. Interest will be payable monthly and cannot be less than zero.

The notes are redeemable at par on any payment date after one year.

The payout at maturity will be par.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable fixed-to-floating ICE spread notes
Underlying rates:	30-year U.S. dollar ICE swap rate, two-year U.S. dollar ICE swap rate
Amount:	$12 million
Maturity:	Aug. 30, 2030
Coupon:	8% initially; beginning in August 2019, 50 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate, capped at 8%, payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Aug. 30, 2019
Pricing date:	Aug. 28
Settlement date:	Aug. 30
Agent:	Barclays
Fees:	4.5%
Cusip:	06746XKV4

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