By Angela McDaniels
Tacoma, Wash., March 25 - Barclays Bank plc priced a $5 million of capped callable steepener notes due March 28, 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 is 10.25% for the first year. After that, it will be (a) four times (b) the spread of the 30-year CMS rate over the five-year CMS rate minus 45 basis points, subject to a maximum rate of 10.25% per year and a minimum of zero. Interest is payable semiannually.
The payout at maturity will be par.
Beginning March 28, 2014, the notes will be callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable capped CMS steepener notes
|
| Underlying: | 30-year and five-year Constant Maturity Swap rates
|
| Amount: | $5 million
|
| Maturity: | March 28, 2033
|
| Coupon: | 10.25% initially; beginning March 28, 2014, four times spread of 30-year CMS rate over five-year CMS rate less 45 bps, capped at 10.25% with floor of zero; payable semiannually
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from March 28, 2014 onward
|
| Pricing date: | March 22
|
| Settlement date: | March 28
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06741TRP4
|
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