Barclays plans 15-year callable leveraged CMS steepener notes

By Marisa Wong

Madison, Wis., April 1 - Barclays Bank plc plans to price callable leveraged steepener notes due April 30, 2029 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to an FWP filing with the Securities and Exchange Commission.

Interest will be fixed at 10% for the first year. After that, it will accrue at 5 times the spread of the 30-year CMS rate over the five-year CMS rate, up to a maximum rate of 10% 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 after one year.

Barclays is the agent.

The notes will price on April 25 and settle on April 30.

The Cusip number is 06741UBK9.

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