By Susanna Moon
Chicago, Dec. 19 - Barclays Bank plc priced $4 million of capped callable CMS steepener notes due Dec. 23, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 12% for the first year. After that, the rate will accrue at 4 times the spread of the 10-year Constant Maturity Swap rate over the five-year CMS rate, up to a maximum rate of 12%. 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 after one year.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS steepener notes
|
| Amount: | $4 million
|
| Maturity: | Dec. 23, 2033
|
| Coupon: | 12% for one year; then 4 times spread of 10-year CMS rate over five-year CMS rate, capped at 12%, floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning Dec. 23, 2014
|
| Pricing date: | Dec. 18
|
| Settlement date: | Dec. 23
|
| Agents: | Barclays
|
| Fees: | 5%
|
| Cusip: | 06741T2W6
|
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