By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – Barclays Bank plc priced $15 million of capped callable CMS steepener notes due Oct. 20, 2037, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 7.25% for the first year. After that, it will be six times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum interest rate of 8%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning Oct. 20, 2018, the notes will be callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Capped callable CMS steepener notes
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| Underlyings: | 30-year CMS rate, two-year CMS rate
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| Amount: | $15 million
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| Maturity: | Oct. 20, 2037
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| Coupon: | 7.25% for first year; after that, six times spread of 30-year CMS rate over two-year CMS rate, capped at 8% with floor of 0%; 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 any interest payment date beginning Oct. 20, 2018
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| Pricing date: | Sept. 20
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| Settlement date: | Oct. 20
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06744C4X6
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