By Toni Weeks
San Luis Obispo, Calif., March 26 - Barclays Bank plc priced $11.3 million of capped callable CMS steepener notes due March 28, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10% for the first two years. After that, the rate will accrue at 4 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 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 two years.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS steepener notes
|
| Amount: | $11.3 million
|
| Maturity: | March 28, 2034
|
| Coupon: | 10% for two years; then 4 times spread of 30-year CMS rate over two-year CMS rate minus 50 bps, capped at 10%, floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning March 28, 2016
|
| Pricing date: | March 25
|
| Settlement date: | March 28
|
| Agent: | Barclays
|
| Fees: | 5%
|
| Cusip: | 06741T6S1
|
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