New Issue: Barclays prices $390,000 callable CMS steepener notes with 8% cap

By Toni Weeks

San Luis Obispo, Calif., July 23 - Barclays Bank plc priced $390,000 of capped callable CMS steepener notes due July 24, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at 8% for the first year. After that, the rate will be 4.25 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 8%. Interest is payable quarterly 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 is the agent.

Issuer:	Barclays Bank plc
Issue:	Capped callable CMS steepener notes
Amount:	$390,000
Maturity:	July 24, 2028
Coupon:	8% for one year; then 4.25 times spread of 30-year CMS rate over two-year CMS rate less 50 bps, capped at 8%, floor of zero; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on interest payment dates beginning July 24, 2014
Pricing date:	July 19
Settlement date:	July 24
Agents:	Barclays
Fees:	2.5%
Cusip:	06741TYX9

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