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Barclays plans floating-rate range accrual notes tied to CMS rates
By Marisa Wong
Madison, Wis., April 4 - Barclays Bank plc plans to price floating-rate range accrual notes due April 30, 2024 linked to the CMS spread and two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at the two-year CMS rate plus a spread of 150 basis points for each day that the accrual rate - the spread of the 30-year CMS rate over the two-year CMS rate - is greater than or equal to zero. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Barclays is the agent.
The notes will price on April 28 and settle on April 30.
The Cusip number is 06741UBX1.
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