By Toni Weeks
San Luis Obispo, Calif., July 25 – Barclays Bank plc priced $4 million of capped callable CMS steepener notes due July 28, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10% for the first 18 months. After that, the rate will accrue at 4 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, up to a maximum rate of 10%. 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 beginning Jan. 28, 2016.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Capped callable CMS steepener notes
|
| Amount: | $4 million
|
| Maturity: | July 28, 2034
|
| Coupon: | 10% for 18 months; then 4 times spread of 30-year CMS rate over two-year CMS rate minus 50 bps, capped at 10%, floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning Jan. 28, 2016
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Agent: | Barclays
|
| Fees: | 5%
|
| Cusip: | 06741UFK5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
