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Barclays plans to price 20-year capped callable CMS steepener notes
By Angela McDaniels
Tacoma, Wash., Oct. 1 – Barclays Bank plc plans to price capped callable CMS steepener notes due Oct. 30, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is expected to be 10% for the first year. After that, the interest rate will be (a) four times (ii) the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, subject to a maximum rate that is expected to be 10% per year. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning Oct. 30, 2015, the notes will be callable at par on any interest payment date.
Barclays is the agent.
The notes will price Oct. 27 and settle Oct. 30.
The Cusip number is 06741UKP8.
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