Barclays to price capped callable CMS steepener notes due 2033

By Angela McDaniels

Tacoma, Wash., Dec. 4 - Barclays Bank plc plans to price capped callable steepener notes due Dec. 23, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be 12% for the first year. Beginning Dec. 23, 2014, it will be four times the spread of the 30-year CMS rate over the five-year CMS rate, subject to a minimum rate of zero and a maximum rate that is expected to be 12% per year. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning Dec. 23, 2014, the notes will be callable at par on any interest payment date.

Barclays is the agent.

The notes will price Dec. 18 and settle Dec. 23.

The Cusip number is 06741T2W6.

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