By Wendy Van Sickle
Columbus, Ohio, July 27 – Barclays Bank plc priced $5.9 million of callable fixed- to floating-rate notes due July 30, 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 8% for the first year. Beginning July 23, 2020, the interest rate will be equal to 25 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 notes will be callable at par on any coupon 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 notes
|
| Underlying rates: | 30-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
|
| Amount: | $5,903,000
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| Maturity: | July 30, 2030
|
| Coupon: | 8% for the first year; beginning July 30, 2019, equal to 25 times the spread of the 30-year swap rate minus the two-year swap rate, subject to a floor of 0% and a cap of 10%; payable quarterly
|
| Call option: | At par on any interest payment date after one year
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Underwriter: | Barclays
|
| Fees: | 4.25%
|
| Cusip: | 06746XHQ9
|
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