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Barclays to price fixed-to-floaters due 2023 on ICE swap-rate spread
By Sarah Lizee
Olympia, Wash., July 13 – Barclays Bank plc plans to price fixed- to floating-rate notes due July 27, 2023 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 6% for the first year. After that, the interest rate will be equal to 7 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 10%. Interest will be payable quarterly.
The payout at maturity will be par.
UBS Financial Services Inc. and Barclays are the agents.
The notes are expected to price on July 23 and settle on July 27.
The Cusip number is 06746XJK0.
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