Barclays plans 20-year callable CMS steepener notes with 10% cap

By Susanna Moon

Chicago, Sept. 1 - Barclays Bank plc plans to price callable CMS steepener notes due Sept. 30, 2031, according to a term sheet.

The coupon will be 11% for the first year. After that, it will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, up to a maximum rate of 10%. Interest is payable semiannually and cannot be less than zero.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

Barclays Capital Inc. is the agent.

The notes will settle on Sept. 30.

The Cusip is 06738KTB7.

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