Barclays plans 20-year capped callable CMS steepener notes

By Susanna Moon

Chicago, March 27 - Barclays Bank plc plans to price capped callable steepener notes due April 25, 2034 linked to the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 11% for the first two years. After that, it will accrue at 4 times the spread of the 30-year CMS rate over the two-year CMS rate minus 50 basis points, up to a maximum rate of 11% per year. Interest will be 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.

The notes will price on April 22 and settle on April 25.

The Cusip number is 06741UBA1.

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