Barclays plans to price callable CMS steepener notes due 2022

By Jennifer Chiou

New York, Feb. 20 - Barclays Bank plc plans to price callable steepener notes due March 7, 2022 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 4% for the first three years. Beginning on March 7, 2017, it will be three times the spread of the 30-year CMS rate over the five-year CMS rate, subject to a minimum rate that is expected to be 0.5% per year. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning March 7, 2017, the notes will be callable at par on any interest payment date.

The notes (Cusip: 06741T6H5) are expected to price on March 4 and settle on March 7.

Barclays is the agent.

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