By Jennifer Chiou
New York, May 9 - Barclays Bank plc priced $6,224,000 of capped callable CMS steepener notes due May 10, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 7% 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 50 basis points, subject to a maximum rate of 7.35%. 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.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS steepener notes
|
| Amount: | $6,224,000
|
| Maturity: | May 10, 2028
|
| Coupon: | 7% for one year; then four times spread of 30-year CMS rate over five-year CMS rate, minus 50 bps, with cap of 7.35%, floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning on May 10, 2014
|
| Pricing date: | May 7
|
| Settlement date: | May 10
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2%
|
| Cusip: | 06741TUA3
|
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