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Barclays to price capped callable CMS steepener notes due 2028
By Marisa Wong
Madison, Wis., July 3 - Barclays Bank plc plans to price capped callable steepener notes due July 24, 2028 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.
The interest rate will be at least 7.5% for the first year. Beginning July 24, 2014, it will be 4.25 times the spread of the 30-year CMS rate over the two-year CMS rate minus 50 basis points, up to a maximum rate of at least 7.5% 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 beginning July 24, 2014.
The exact terms will be set at pricing.
Barclays is the agent.
The notes will settle on July 24.
The Cusip number is 06741TYX9.
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