Barclays plans 20-year capped callable CMS steepener notes

By Marisa Wong

Madison, Wis., April 25 - Barclays Bank plc plans to price capped callable steepener notes due May 30, 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 10% for the first year. After that, it will accrue at 4 times the spread of the 30-year CMS rate over the two-year CMS rate minus 25 basis points, up to a maximum rate of 10% 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 one year.

Barclays is the agent.

The notes will price on May 27 and settle on May 30.

The Cusip number is 06741UDA9.

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