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Barclays to price capped callable CMS steepener notes due 2033
By Jennifer Chiou
New York, April 26 - Barclays Bank plc plans to price capped callable steepener notes due May 3, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to an FWP with the Securities and Exchange Commission.
Interest rate will be 9% for the first year. Beginning on May 3, 2014, it will be 4 times the spread of the 30-year CMS rate over the five-year CMS rate minus 50 basis points, up to a maximum rate of 9% per year. Interest will be 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 beginning on May 3, 2014.
The exact terms will be set at pricing.
The notes (Cusip: 06741TUB1) will settle on May 3.
Barclays is the agent.
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