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Published on 9/5/2018 in the Prospect News Structured Products Daily.

Barclays to price callable fixed-to-floaters linked to ICE swap rates

By Sarah Lizee

Olympia, Wash., Sept. 5 – Barclays Bank plc plans to price callable fixed- to floating-rate notes due Sept. 17, 2030 linked to the spread between the 30-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 9% for the first year. Beginning Sept. 17, 2019, the interest rate will be equal to 20 times the spread of the 30-year swap rate minus the two-year swap rate, subject to a minimum interest rate of 0% and a maximum interest rate of 9%. Interest will be payable quarterly.

The payout at maturity will be par.

The notes are callable at par on any interest payment date beginning Sept. 17, 2019.

Barclays is the agent.

The notes are expected to price on Sept. 14 and settle on Sept. 17.

The Cusip number is 06746XQ22.


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