By Jennifer Chiou
New York, April 23 - Barclays Bank plc priced $6 million of capped callable CMS steepener notes due April 25, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 11% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, minus 50 basis points, subject to a maximum rate of 11%. 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 beginning on April 25, 2016.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS steepener notes
|
| Amount: | $6 million
|
| Maturity: | April 25, 2034
|
| Coupon: | 11% for one year; then four times spread of 30-year CMS rate over two-year CMS rate, minus 50 bps, with cap of 11%, floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning April 25, 2016
|
| Pricing date: | April 22
|
| Settlement date: | April 25
|
| Agent: | Barclays
|
| Fees: | 3.75%
|
| Cusip: | 06741UBA1
|
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