By Susanna Moon
Chicago, April 8 - Barclays Bank plc priced $7.86 million of capped callable CMS spread steepener notes due April 9, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 8% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 48 basis points, up to a maximum rate of 8%. Interest is payable semiannually 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.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS spread steepener notes
|
| Amount: | $7,858,000
|
| Maturity: | April 9, 2028
|
| Coupon: | 8% for one year; then four times spread of 30-year CMS rate over five-year CMS rate less 48 bps, capped at 8%, floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning April 9, 2014
|
| Pricing date: | April 4
|
| Settlement date: | April 9
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2%
|
| Cusip: | 06741TRR0
|
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