New Issue: Barclays sells $3.76 million fixed-to-floaters on ICE swap rate spread

By Sarah Lizee

Olympia, Wash., July 31 – Barclays Bank plc priced $3.76 million of fixed- to floating-rate notes due July 31, 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. Beginning July 23, 2020, 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.

Barclays and UBS Financial Services Inc. are the agents.

Issuer:	Barclays Bank plc
Issue:	Fixed-to-floating notes
Underlying rates:	30-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
Amount:	$3,764,000
Maturity:	July 31, 2023
Coupon:	6% for the first year; beginning July 31, 2019, equal to 7 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
Price:	Par
Payout at maturity:	Par
Pricing date:	July 26
Settlement date:	July 31
Underwriters:	Barclays and UBS Financial Services Inc.
Fees:	2.5%
Cusip:	06746XJK0

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