New Issue: Barclays prices $3.07 million callable CMS steepener notes with 11.5% cap

By Susanna Moon

Chicago, Feb. 27 - Barclays Bank plc priced $3.07 million of capped callable CMS steepener notes due Feb. 28, 2034, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 11.5% for the first year. After that, the rate will accrue at 4.2 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, up to a maximum rate of 11.5%. 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.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Capped callable CMS steepener notes
Amount:	$3,066,000
Maturity:	Feb. 28, 2034
Coupon:	11.5% for one year; then 4.2 times spread of 30-year CMS rate over five-year CMS rate, capped at 11.5%, floor of zero; payable quarterly
Price:	Variable
Payout at maturity:	Par
Call option:	At par on interest payment dates beginning Feb. 28, 2015
Pricing date:	Feb. 25
Settlement date:	Feb. 28
Agents:	Barclays
Fees:	5%
Cusip:	06741T6B8

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