New Issue: Barclays prices $1 million callable leveraged steepener notes tied to ICE swap rates

By William Gullotti

Buffalo, N.Y., Oct. 3 – Barclays Bank plc priced $1 million of callable leveraged steepener notes due Sept. 29, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 6% for the first year. After that, interest will be equal to 15 times the reference rate, with a floor of 0%. The reference rate is the spread of the 30-year U.S. dollar SOFR ICE swap rate over the two-year U.S. dollar SOFR ICE swap rate. Interest is payable quarterly.

The notes will be callable quarterly, in whole or in part, after one year.

The payout at maturity will be par.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable leveraged steepener notes
Underlying rates:	30-year U.S. dollar SOFR ICE swap and two-year U.S. dollar SOFR ICE swap rate
Amount:	$1 million
Maturity:	Sept. 29, 2026
Coupon:	6% for first year; after that, 15 times reference rate, floor of 0%; reference rate is spread of 30-year U.S. dollar SOFR ICE swap rate over the two-year U.S. dollar SOFR ICE swap rate; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par, in whole or in part, quarterly after one year
Pricing date:	Sept. 27
Settlement date:	Sept. 29
Agent:	Barclays
Fees:	3.35%
Cusip:	06745NM94

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