Barclays to price capped callable CMS steepener notes due 2033

By Jennifer Chiou

New York, Feb. 22 - Barclays Bank plc plans to price capped callable steepener notes due March 21, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 10.25% for the first year. Beginning on March 21, 2014, it will be a per-year rate equal to (a) 4 times (b) the spread of the 30-year CMS rate over the five-year CMS rate minus 0.45%, subject to a minimum rate of zero and maximum rate of 10.25% per year. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning on March 21, 2014, the notes will be callable at par on any interest payment date.

The notes (Cusip: 06741TPR2) are expected to settle on March 21.

Barclays Capital Inc. is the agent.

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