Barclays to price capped callable CMS steepener notes due 2033

By Susanna Moon

Chicago, May 30 - Barclays Bank plc plans to price capped callable steepener notes due June 17, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to an FWP with the Securities and Exchange Commission.

Interest rate will be 9.25% for the first year. Beginning June 17, 2014, it will be 4 times the spread of the 30-year CMS rate over the five-year CMS rate minus 25 basis points, up to a maximum rate of 9.25% per year. Interest will be 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 beginning June 17, 2014.

The exact terms will be set at pricing.

Barclays is the agent.

The notes will settle on June 17.

The Cusip number is 06741TWH6.

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