Barclays to price capped callable CMS steepener notes due 2034

By Toni Weeks

San Luis Obispo, Calif., March 7 - Barclays Bank plc plans to price capped callable steepener notes due March 28, 2034 linked to the 30-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be 10% for the first two years. Beginning March 28, 2016, it will be 4 times the spread of the 30-year CMS rate over the two-year CMS rate minus 50 basis points, subject to a minimum rate of zero and a maximum rate of 10% per year. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning March 28, 2016, the notes will be callable at par on any interest payment date.

The exact terms will be set at pricing.

Barclays is the agent.

The notes will price March 25 and settle March 28.

The Cusip number is 06741T6S1.

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