By Marisa Wong
Madison, Wis., Oct. 31 – Barclays Bank plc priced $3 million of capped callable CMS steepener notes due Oct. 30, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10% for the first year. 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 25 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 beginning Oct. 30, 2015.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Capped callable CMS steepener notes
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Amount: | $3 million
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Maturity: | Oct. 30, 2034
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Coupon: | 10% for first year; then 4 times spread of 30-year CMS rate over two-year CMS rate minus 25 bps, capped at 10%, floor of zero; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning Oct. 30, 2015
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | Barclays
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Fees: | 5%
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Cusip: | 06741UKP8
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