Bond Barclay PLC 2.871% ( US06741UJW53 ) in USD

Issuer Barclay PLC
Market price refresh price now   65.5 %  ▲ 
Country  United Kingdom
ISIN code  US06741UJW53 ( in USD )
Interest rate 2.871% per year ( payment 2 times a year)
Maturity 29/09/2034



Prospectus brochure of the bond Barclays PLC US06741UJW53 en USD 2.871%, maturity 29/09/2034


Minimal amount 1 000 USD
Total amount 5 000 000 USD
Cusip 06741UJW5
Standard & Poor's ( S&P ) rating A+ ( Upper medium grade - Investment-grade )
Moody's rating NR
Next Coupon 29/03/2026 ( In 149 days )
Detailed description Barclays PLC is a British multinational banking and financial services corporation headquartered in London, offering a wide range of services including personal and corporate banking, investment banking, and wealth management.

The Bond issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06741UJW53, pays a coupon of 2.871% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/09/2034

The Bond issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06741UJW53, was rated NR by Moody's credit rating agency.

The Bond issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06741UJW53, was rated A+ ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







424B2 1 dp49388_424b2-ps193.htm FORM 424B2
CALCULATION OF REGISTRATION FEE
Maximum Aggregate Offering
Title of Each Class of Securities Offered

Price

Amount of Registration Fee(1)
Global Medium-Term Notes, Series A

$5,000,000

$644.00

(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933

Se pt e m be r 2 0 1 4
Pric ing Supple m e nt N o. 193
Registration Statement No. 333-190038
Dated September 10, 2014
Filed pursuant to Rule 424(b)(2)
INTEREST RATE STRUCTURED INVESTMENTS

Ca lla ble Le ve ra ge d St e e pe ne r N ot e s due Se pt e m be r 2 9 , 2 0 3 4
Ba se d on t he Spre a d be t w e e n t he 3 0 -Y e a r CM S Ra t e a nd t he 5 -Y e a r CM S Ra t e

For the first year of the term of the notes, the notes will pay quarterly interest payments at a fixed rate of 9.00% per annum. After the first year,
subject to early redemption as further described below, the notes will pay quarterly interest payments at a variable rate per annum equal to (i) the
multiplier of 9.00 times (ii) the reference rate, which is equal to (a) the CMS spread, which is the 30-year constant maturity swap rate minus the 5-
year constant maturity swap rate, minus (b) the fixed percentage amount of 0.25%, subject to the maximum interest rate of 9.00% per annum and
the minimum interest rate of 0.00% per annum. We may redeem the notes, in whole or in part, at our option on any quarterly interest payment date
beginning on September 29, 2015 at the redemption price set forth below. These long-dated notes are for investors who seek an opportunity to
earn interest at a potentially above-market rate in exchange for the risk of receiving little interest over the term of the notes and the risk of the notes
being called by the issuer prior to the maturity date. All pa ym e nt s on t he not e s, inc luding t he re pa ym e nt of princ ipa l, a re subje c t
t o t he c re dit w ort hine ss of Ba rc la ys Ba nk PLC. T he not e s a re not , e it he r dire c t ly or indire c t ly, a n obliga t ion of a ny
t hird pa rt y, a nd a ny pa ym e nt t o be m a de on t he not e s, inc luding t he re pa ym e nt of princ ipa l a t m a t urit y, de pe nds on
t he a bilit y of Ba rc la ys Ba nk PLC t o sa t isfy it s obliga t ions a s t he y c om e due .
FI N AL T ERM S

I ssue r:
Barclays Bank PLC
Aggre ga t e princ ipa l
$5,000,000. May be increased prior to the original issue date but we are not required to do so.
a m ount :
St a t e d princ ipa l a m ount : $1,000 per note
I nit ia l issue pric e :
Variable price re-offer (see "Commissions and initial issue price" below)
Origina l t ra de da t e :
September 10, 2014
Origina l issue da t e :
September 29, 2014
M a t urit y da t e :
September 29, 2034, subject to redemption at the option of the company (as set forth below)
Pa ym e nt a t m a t urit y:
The payment at maturity per note will be the stated principal amount plus accrued and unpaid interest, if any
(subject to the creditworthiness of the issuer).
Re de m pt ion a t t he opt ion The issuer may redeem the notes, in whole or in part, at the redemption price set forth below, on any interest
of t he c om pa ny:
payment date beginning on September 29, 2015; provided that the issuer gives at least ten business days' prior
written notice to the trustee. If the issuer exercises its redemption option, the interest payment date on which it is
exercised will be referred to as the "early redemption date."
Re de m pt ion pric e :
If the issuer exercises its redemption option, the payment on the early redemption date per note will be the stated
principal amount plus accrued and unpaid interest, if any (subject to the creditworthiness of the issuer).
Re fe re nc e ra t e :
The CMS spread minus the fixed percentage amount
CM S spre a d:
The CMS spread will be an amount determined by the calculation agent equal to the 30-year CMS rate minus the 5-
year CMS rate, expressed as a percentage.
See "The CMS Rates" below for additional information on how the CMS rates are calculated. In certain
circumstances, the CMS rate will be based on the alternate calculation of the CMS rate as described in "Reference
Assets--Floating Interest Rate--CMS Rate" on page S-72 of the accompanying prospectus supplement.
Fix e d pe rc e nt a ge
0.25%
a m ount :
I nt e re st ra t e :
For each interest period commencing on or after the original issue date to but excluding September 29, 2015 (the
"fixed rate payment period"), the interest rate per annum will be equal to the initial interest rate.
For each interest period commencing on or after September 29, 2015 to but excluding the maturity date (the
"floating rate payment period"), the interest rate per annum will be equal to (1) the multiplier times (2) the reference
rate; provided that the interest rate will not be lower than the minimum interest rate or higher than the maximum
interest rate.
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The reference rate applicable to an interest period will be determined as of the related reference rate determination
date.
During t he floa t ing ra t e pa ym e nt pe riod, it is possible t ha t you c ould re c e ive lit t le or no
int e re st on t he not e s. I f, on t he re la t e d re fe re nc e ra t e de t e rm ina t ion da t e , t he re fe re nc e
ra t e is le ss t ha n or e qua l t o 0 .0 0 % , no int e re st w ill a c c rue for t ha t int e re st pe riod a nd t he
not e s w ill not pa y a ny int e re st on t he re la t e d int e re st pa ym e nt da t e .
(terms continued on the next page)
Com m issions a nd init ia l
I nit ia l issue pric e (1)
Pric e t o public (1)(2)
Age nt 's c om m issions(2)
Proc e e ds t o issue r(1)
issue pric e :
Pe r not e :
At variable prices
At variable prices
$35.00
$965.00
T ot a l:
At variable prices
At variable prices
$175,000
$4,825,000


(1 ) Our e st im a t e d va lue of t he not e s on t he origina l t ra de da t e , ba se d on our int e rna l pric ing m ode ls, is $ 9 3 6 .2 0
pe r not e . T he e st im a t e d va lue is le ss t ha n t he init ia l issue pric e of t he not e s. Se e "Addit iona l I nform a t ion
Re ga rding Our Est im a t e d V a lue of t he N ot e s" on pa ge 3 of t his doc um e nt . We m a y de c ide t o se ll a ddit iona l
not e s a ft e r t he da t e of t his doc um e nt , a t issue pric e s a nd w it h c om m issions a nd a ggre ga t e proc e e ds t ha t diffe r
from t he a m ount s se t fort h a bove . I n a ddit ion, t he e st im a t e d va lue of t he not e s on t he da t e a ny a ddit iona l
not e s a re pric e d for sa le t o be t ra de d w ill t a k e int o a c c ount a num be r of va ria ble s, inc luding pre va iling m a rk e t
c ondit ions a nd our subje c t ive a ssum pt ions, w hic h m a y or m a y not m a t e ria lize , on t he da t e t ha t suc h a ddit iona l
not e s a re t ra de d. As a re sult of c ha nge s in t he se va ria ble s, our e st im a t e d va lue of t he not e s on a ny
subse que nt t ra de da t e m a y be low e r or highe r t ha n our e st im a t e d va lue of t he not e s on t he origina l t ra de da t e ,
but in no c a se w ill be le ss t ha n $ 8 9 0 .0 0 pe r not e .


(2 ) Ba rc la ys Ca pit a l I nc . w ill re c e ive c om m issions from t he issue r of up t o 3 .5 0 % of t he princ ipa l a m ount of t he
not e s, or up t o $ 3 5 .0 0 pe r $ 1 ,0 0 0 princ ipa l a m ount , a nd m a y re t a in a ll or a port ion of t he se c om m issions or use
a ll or a port ion of t he se c om m issions t o pa y se lling c onc e ssions or fe e s t o ot he r de a le rs inc luding M orga n
St a nle y & Co. LLC. Ba rc la ys Ca pit a l I nc . propose s t o offe r t he not e s from t im e t o t im e for sa le in ne got ia t e d
t ra nsa c t ions, or ot he rw ise , a t va rying pric e s t o be de t e rm ine d a t t he t im e of e a c h sa le ; provided t ha t suc h
pric e s a re not e x pe c t e d t o be le ss t ha n $ 9 6 5 .0 0 or gre a t e r t ha n $ 1 ,0 0 0 .0 0 pe r $ 1 ,0 0 0 st a t e d princ ipa l
a m ount . Se e "Risk Fa c t ors--T he pric e you pa id for t he not e s m a y be highe r t ha n t he pric e s pa id by ot he r
inve st ors" be low for a ddit iona l de t a il.
I nve st ing in t he not e s involve s risk s not a ssoc ia t e d w it h a n inve st m e nt in c onve nt iona l de bt se c urit ie s. Se e "Risk
Fa c t ors" be ginning on pa ge 6 of t his doc um e nt a nd on pa ge S-6 of t he prospe c t us supple m e nt . Y ou should re a d t his
doc um e nt t oge t he r w it h t he re la t e d prospe c t us a nd prospe c t us supple m e nt , e a c h of w hic h c a n be a c c e sse d via t he
hype rlink s be low be fore you m a k e a n inve st m e nt de c ision.
Any pa ym e nt on t he not e s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of t he issue r a nd is
not gua ra nt e e d by a ny t hird pa rt y. For a de sc ript ion of risk s w it h re spe c t t o t he a bilit y of Ba rc la ys Ba nk PLC t o sa t isfy
it s obliga t ions a s t he y c om e due , se e "Risk Fa c t ors--Cre dit of issue r" in t his doc um e nt .

Prospe c t us da t e d J uly 1 9 , 2 0 1 3
Prospe c t us Supple m e nt da t e d J uly 1 9 , 2 0 1 3

N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission ("SEC") nor a ny st a t e se c urit ie s c om m ission ha s a pprove d or
disa pprove d of t he not e s or de t e rm ine d t ha t t his doc um e nt is t rut hful or c om ple t e . Any re pre se nt a t ion t o t he c ont ra ry
is a c rim ina l offe nse .

We m a y use t his doc um e nt in t he init ia l sa le of t he not e s. I n a ddit ion, Ba rc la ys Ca pit a l I nc . or a ny ot he r of our
a ffilia t e s m a y use t his doc um e nt in m a rk e t re sa le t ra nsa c t ions in a ny of t he not e s a ft e r t he ir init ia l sa le . U nle ss w e or
our a ge nt inform s you ot he rw ise in t he c onfirm a t ion of sa le , t his doc um e nt is be ing use d in a m a rk e t re sa le
t ra nsa c t ion.




Ca lla ble Le ve ra ge d St e e pe ne r N ot e s due Se pt e m be r 2 9 , 2 0 3 4
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Terms continued from previous page:
I nit ia l int e re st ra t e :
9.00% per annum
M inim um int e re st ra t e :
0.00% per annum
M a x im um int e re st ra t e :
9.00% per annum
M ult iplie r:
9.00
I nt e re st pa ym e nt da t e s:
Quarterly on each March 29, June 29, September 29 and December 29, commencing on December 29, 2014
and ending on the maturity date or the early redemption date, if applicable.
I nt e re st pe riod:
The initial interest period will begin on, and include, the original issue date and end on, and include, the
calendar day immediately preceding the first interest payment date. Each subsequent interest period will begin
on, and include, the interest payment date for the immediately preceding interest period and end on, and
include, the calendar day immediately preceding the next following interest payment date. The final interest
period will end on, and include, the calendar day immediately preceding the maturity date (or the early
redemption date, if applicable).
Re fe re nc e ra t e de t e rm ina t ion For each interest period, two U.S. government securities business days prior to the reference rate reset date
da t e :
for such interest period
Re fe re nc e ra t e re se t da t e :
For each interest period, the first day of such interest period
Busine ss da y c onve nt ion:
Following, Unadjusted
Da y c ount c onve nt ion:
30/360
Busine ss da y:
Any day that is a Monday, Tuesday, Wednesday, Thursday or Friday and that is not a day on which banking
institutions in New York City or in London generally are authorized or obligated by law or executive order to be
closed
U .S. gove rnm e nt se c urit ie s
Any day that is a Monday, Tuesday, Wednesday, Thursday or Friday on which The Securities Industry and
busine ss da y:
Financial Markets Association recommends that the fixed income departments of its members be closed for
the entire day for purposes of trading in U.S. government securities
De nom ina t ions:
Minimum denominations of US$20,000 and integral multiples of US$1,000 thereafter
Se t t le m e nt :
DTC; Book-entry; Transferable.
CU SI P/I SI N :
06741UJW5 / US06741UJW53
List ing:
We do not intend to list the notes on any U.S. securities exchange or quotation system.
Se le c t e d de a le r:
Morgan Stanley & Co. LLC ("MS & Co.")
Ba rc la ys Ca pit a l I nc .

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Additional Terms of the Notes
You should read this document together with the prospectus dated July 19, 2013, as supplemented by the prospectus supplement
dated July 19, 2013 relating to our Global Medium-Term notes, Series A, of which the notes are a part. This document, together with
the documents listed below, contains the terms of the notes and supersedes all prior or contemporaneous oral statements as well as
any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation,
sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters
set forth in "Risk Factors" in the prospectus supplement as the notes involve risks not associated with conventional debt
securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our
filings for the relevant date on the SEC website):

·
Prospectus dated July 19, 2013:

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http://www.sec.gov/Archives/edgar/data/312070/000119312513295636/d570220df3asr.htm


·
Prospectus supplement dated July 19, 2013:

http://www.sec.gov/Archives/edgar/data/312070/000119312513295715/d570220d424b3.htm

Our SEC file number is 1-10257 and our Central Index Key, or CIK, on the SEC website is 0000312070. As used in this document,
the "Company," "we," "us," or "our" refers to Barclays Bank PLC.
The notes constitute Barclays Bank PLC's direct, unconditional, unsecured and unsubordinated obligations and are not deposit
liabilities and are not insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United
States, the United Kingdom or any other jurisdiction.
In connection with this offering, Morgan Stanley & Co. LLC is acting in its capacity as a selected dealer.

For the purposes of the notes offered by this document, each reference to "BBA" on page S-79 of the prospectus supplement will be
deemed to refer to "IntercontintentalExchange Group."

Addit iona l I nform a t ion Re ga rding Our Est im a t e d V a lue of t he N ot e s

Our internal pricing models take into account a number of variables and are based on a number of subjective assumptions, which may
or may not materialize, typically including volatility, interest rates, and our internal funding rates. Our internal funding rates (which are
our internally published borrowing rates based on variables such as market benchmarks, our appetite for borrowing, and our existing
obligations coming to maturity) may vary from the levels at which our benchmark debt securities trade in the secondary market. Our
estimated value on the original trade date is based on our internal funding rates. Our estimated value of the notes may be lower if
such valuation were based on the levels at which our benchmark debt securities trade in the secondary market.

Our estimated value of the notes on the original trade date is less than the initial issue price of the notes. The difference between the
initial issue price of the notes and our estimated value of the notes results from several factors, including any sales commissions to be
paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees to be allowed or paid
to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the
notes, the estimated cost that we may incur in hedging our obligations under the notes, and estimated development and other costs
that we may incur in connection with the notes.

Our estimated value on the original trade date is not a prediction of the price at which the notes may trade in the secondary market,
nor will it be the price at which Barclays Capital Inc. may buy or sell the notes in the secondary market. Subject to normal market and
funding conditions, Barclays Capital Inc. or another affiliate of ours intends to offer to purchase the notes in the secondary market but
it is not obligated to do so.

Assuming that all relevant factors remain constant after the original trade date, the price at which Barclays Capital Inc. may initially
buy or sell the notes in the secondary market, if any, and the value that we may initially use for customer account statements, if we
provide any customer account statements at all, may exceed our estimated value on the original trade date for a temporary period
expected to be approximately twelve months after the original issue date of the notes because, in our discretion, we may elect to
effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the notes and other costs in
connection with the notes that we will no longer expect to incur over the term of the notes. We made such discretionary election and
determined this temporary reimbursement period on the basis of a number of factors, including the tenor of the notes and any
agreement we may have with the distributors of the notes. The amount of our estimated costs that we effectively reimburse to

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investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement
at any time or revise the duration of the reimbursement period after the initial issue date of the notes based on changes in market
conditions and other factors that cannot be predicted.

Barclays Capital Inc., or another affiliate of ours, or a third party distributor may purchase and hold some of the notes for subsequent
resale at variable prices after the initial issue date of the notes. There may be circumstances where investors may be offered to
purchase those notes from one distributor (including Barclays Capital Inc. or an affiliate) at a more favorable price than from other
distributors. Furthermore, from time to time, Barclays Capital Inc. or an affiliate may offer and sell the notes to purchasers of a large
number of the notes at a more favorable price than a purchaser acquiring a lesser number of the notes.

At our sole option, we may decide to offer additional notes after the original trade date. Our estimated value of the notes on any
subsequent trade date may reflect issue prices, commissions and aggregate proceeds that differ from the amounts set forth in this
document and will take into account a number of variables, including prevailing market conditions and our subjective assumptions,
which may or may not materialize, on the date that such additional notes are traded. As a result of changes in these variables, our
estimated value of the notes on any subsequent trade date may differ significantly from our estimated value of the notes on the
original trade date, but in no case will be less than $890.00.

We urge you t o re a d "Risk Fa c t ors" be ginning on pa ge 6 of t his doc um e nt .

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Investment Summary


During the fixed rate payment period, the notes pay interest at a rate of 9.00% per annum. During the floating rate payment period,
the notes pay interest at a variable rate per annum equal to (i) the multiplier of 9.00 times (ii) the reference rate, which is equal to (a)
the CMS spread, which is the 30-year constant maturity swap rate minus the 5-year constant maturity swap rate, minus (b) the fixed
percentage amount of 0.25%; provided that the interest rate will not be lower than the minimum interest rate of 0.00% per annum or
higher than the maximum interest rate of 9.00% per annum. The interest rate with respect to each quarterly interest period during the
floating rate payment period is reset on the applicable reference rate reset date based on the reference rate determined on the
relevant reference rate determination date. If the 30-year CMS rate is not greater than the 5-year CMS rate by more than the fixed
percentage amount of 0.25% on the applicable reference rate determination date, the interest rate will be 0.00% and no interest will
accrue on the notes for the related interest period.
M a t urit y:
20 years, unless the notes are redeemed early


I nit ia l int e re st ra t e :
9.00% per annum


Re fe re nc e ra t e :
The CMS spread minus the fixed percentage amount


CM S spre a d:
The 30-year CMS rate minus the 5-year CMS rate


Fix e d pe rc e nt a ge
0.25%
a m ount :


M a x im um int e re st ra t e : 9.00% per annum


M inim um int e re st ra t e :
0.00% per annum


I nt e re st ra t e :
For each interest period commencing on or after the original issue date to but excluding September 29,

2015 (the "fixed rate payment period"), the interest rate per annum will be equal to the initial interest
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rate.

For each interest period commencing on or after September 29, 2015 to but excluding the maturity date
(the "floating rate payment period"), the interest rate per annum will be equal to (1) the multiplier times
(2) the reference rate; provided that the interest rate will not be lower than the minimum interest rate or
higher than the maximum interest rate.

The reference rate applicable to an interest period will be determined as of the related reference rate
determination date.

During t he floa t ing ra t e pa ym e nt pe riod, it is possible t ha t you c ould re c e ive lit t le or
no int e re st on t he not e s. I f, on t he re la t e d re fe re nc e ra t e de t e rm ina t ion da t e , t he
re fe re nc e ra t e is le ss t ha n or e qua l t o 0 .0 0 % , no int e re st w ill a c c rue for t ha t int e re st
pe riod a nd t he not e s w ill not pa y a ny int e re st on t he re la t e d int e re st pa ym e nt da t e .


M ult iplie r:
9.00


Re de m pt ion a t t he
The issuer may redeem the notes, in whole or in part, at the redemption price set forth on the cover
opt ion of t he c om pa ny: page, on any interest payment date beginning on September 29, 2015; provided that the issuer gives at

least ten business days' prior written notice to the trustee

Key Investment Rationale

The notes offer investors an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving little
interest on the notes and the risk of the notes being called by the issuer prior to the maturity date. We may redeem the notes, in
whole or in part, on any interest payment date commencing on or after September 29, 2015.

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Risk Factors

An investment in the notes involves significant risks not associated with an investment in conventional floating rate or fixed rate
medium term notes. You should read the risks summarized below in connection with, and the risks summarized below are qualified by
reference to, the risks described in more detail in the "Risk Factors" section beginning on page S-6 of the prospectus
supplement. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the notes. The
following is a non-exhaustive list of certain key risk factors for investors in the notes. For further discussion of these and other risks,
you should read the sections entitled "Risk Factors" in the prospectus supplement, including the risk factors discussed under the
following headings:


·
"Risk Factors--Risks Relating to All Securities";

·
"Risk Factors--Additional Risks Relating to Notes Which Pay No Interest or Pay Interest at a Low Rate";

·
"Risk Factors--Additional Risks Relating to Securities with a Maximum Return, Maximum Rate, Ceiling or Cap";

·
"Risk Factors--Additional Risks Relating to Notes Which are Characterized as Benefitting from Full Principal Protection";

·
"Risk Factors--Additional Risks Relating to Securities Which We May Call or Redeem (Automatically or Otherwise)";

·
"Risk Factors--Additional Risks Relating to Securities Which Contain a Multiplier"; and

·
"Risk Factors--Additional Risks Relating to Notes with a Reference Asset That Is a Floating Interest Rate, an Index
Containing Floating Interest Rates or Based in Part on a Floating Interest Rate."

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Re fe re nc e ra t e / int e re st pa ym e nt risk -- Investing in the notes is not equivalent to investing in securities directly linked to
the CMS rates. Instead, after the fixed rate payment period, the amount of interest payable on the notes is determined by
multiplying (a) the multiplier by (b) the reference rate, which is equal to (i) the CMS spread, which is the 30-year CMS rate minus
the 5-year CMS rate, minus (ii) the fixed percentage amount of 0.25%, as determined on the reference rate determination date
applicable to the relevant interest period, subject to the minimum interest rate and the maximum interest rate. Accordingly, the
amount of interest payable on the notes for any interest period is dependent on whether, and the extent to which, the reference
rate is greater than zero on any reference rate determination date. If the CMS spread on any reference rate determination date is
less than or equal to the fixed percentage amount (i.e., the 30-year CMS rate is not greater than the 5-year CMS rate by more
than the fixed percentage amount of 0.25%), you will receive no interest payment on the related interest payment date (i.e., the
interest rate for that interest payment date would be equal to the minimum interest rate of 0.00%). If the CMS spread is less than
or equal to the fixed percentage amount on every reference rate determination date throughout the floating rate payment period,
you would receive no interest payments on your notes during the floating rate payment period. Given these various scenarios, it is
possible that the interest rate related to each interest period during the floating rate payment period will be less than that of an
ordinary debt security of comparable maturity and may be zero in many instances.

Because the amount of interest payable on the notes during the floating rate payment period is based on the CMS spread (and is
thus a floating rate), you will be exposed to risks not associated with a conventional fixed-rate debt instrument. These risks
include fluctuation of the CMS rates and the possibility that, for any given interest period, you may receive a lesser amount of
interest than for one or more prior interest periods.


T he a m ount of int e re st pa ya ble on t he not e s re la t e d t o a ny int e re st pe riod is c a ppe d -- The interest rate on the
notes for each quarterly interest period during the floating rate payment period is capped for that quarter at the maximum interest
rate of 9.00% per annum. Furthermore, due to the multiplier of 9.00 and the fixed percentage amount of 0.25%, you will not
receive the benefit of any excess of the CMS spread (as determined on the relevant reference rate determination date) over
1.250%.


T he re fe re nc e ra t e w ill re fle c t t he de duc t ion of t he fix e d pe rc e nt a ge a m ount from t he CM S spre a d -- The
interest rate on the notes for each quarterly interest period during the floating rate payment period will reflect the deduction of the
fixed percentage amount from the CMS spread. Accordingly, the effective yield on the notes will likely be less than that the
effective yield on a security paying interest directly linked to the CMS spread without any deduction.


T he re fe re nc e ra t e a s of a ny re fe re nc e ra t e de t e rm ina t ion da t e m a y be le ss t ha n t he re fe re nc e ra t e a s of
a ny ot he r da y during t he t e rm of t he not e s -- The reference rate for any interest period will be determined solely on the
reference rate determination date applicable to the relevant interest period. Therefore, even if the reference rate as of any day
that is not the reference rate determination date applicable to the relevant interest period is higher than the reference rate as of
such reference rate determination date, the amount of interest payable on the corresponding interest payment date will not take
into account that higher level.


T he hist oric a l pe rform a nc e s of t he CM S ra t e s a re not a n indic a t ion of t he ir fut ure pe rform a nc e s -- The
historical performance of the CMS rates should not be taken as an indication of their future performance during the term of the
notes. Changes in the levels of the CMS rates will affect the value of the notes, but it is impossible to predict whether such levels
will rise or fall. During the floating rate payment period, there can be no assurance that the reference rate will be positive during

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the relevant interest periods. Furthermore, the historical performance of the CMS spread does not reflect the return the notes
would have had because it does not take into account the fixed percentage amount, the multiplier or the maximum interest rate.


Cre dit of issue r -- The notes are senior unsecured debt obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of any third party. Any payment to be made on the notes depends on the ability of Barclays
Bank PLC to satisfy its obligations as they come due and are not guaranteed by a third party. As a result, the actual and
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perceived creditworthiness of Barclays Bank PLC may affect the market value of the notes and, in the event Barclays Bank PLC
were to default on its obligations, you may not receive the amounts owed to you under the terms of the notes.


T he pric e you pa id for t he not e s m a y be highe r t ha n t he pric e s pa id by ot he r inve st ors -- Barclays Capital Inc.
proposes to offer the notes from time to time for sale to investors in one or more negotiated transactions, or otherwise, at
prevailing market prices at the time of sale, at prices related to then-prevailing prices, at negotiated prices, or
otherwise. Accordingly, there is a risk that the price you paid for your notes will be higher than the prices paid by other investors
based on the date and time you made your purchase, from whom you purchased the notes, any related transaction costs, whether
you hold your notes in a brokerage account, a fiduciary or fee-based account or another type of account and other market factors.


Ea rly re de m pt ion risk -- We may redeem the notes, in whole or in part, on any interest payment date beginning on the date
specified on the cover page hereof. It is more likely that we will redeem the notes in whole prior to their stated maturity date to
the extent that the interest payable on the notes is greater than the interest that would be payable on other instruments issued by
us of comparable maturity, terms and credit rating trading in the market. If the notes are redeemed, in whole or in part, prior to
their stated maturity date, you will receive no further interest payments on the notes redeemed and may have to re-invest the
proceeds in a lower rate environment.


Addit iona l pot e nt ia l c onflic t s -- In addition to the variety of roles that we and our affiliates play in connection with the
issuance of the notes described above under "Risk Factors--We and our affiliates may engage in various activities or make
determinations that could materially affect your notes in various ways and create conflicts of interest", we also act as calculation
agent and may enter into transactions to hedge our obligations under the notes. In performing these varied duties, the economic
interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes.


La c k of liquidit y -- The notes will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of
Barclays Bank PLC intend to make a secondary market for the notes but are not required to do so, and may discontinue any such
secondary market making at any time, without notice. Even if there is a secondary market, it may not provide enough liquidity to
allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the
price at which you may be able to trade your notes is likely to depend on the price, if any, at which Barclays Capital Inc. and other
affiliates of Barclays Bank PLC are willing to buy the notes. The notes are not designed to be short-term trading
instruments. Accordingly, you should be able and willing to hold your notes to maturity.


M a ny e c onom ic a nd m a rk e t fa c t ors w ill a ffe c t t he va lue of t he not e s -- In addition to the level of the reference rate
on any day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify
each other, including:


o
the expected volatility of the reference rate;


o
the time to maturity of the notes;


o
interest and yield rates in the market generally;


o
a variety of economic, financial, political, regulatory or judicial events;


o
supply and demand for the notes; and


o
our creditworthiness, whether actual or perceived, including actual or anticipated downgrades in our credit ratings.

Generally, the longer the time remaining to maturity, the more the market price of the notes will be affected by the other factors
described above.


T he e st im a t e d va lue of your not e s m ight be low e r if suc h e st im a t e d va lue w e re ba se d on t he le ve ls a t
w hic h our de bt se c urit ie s t ra de in t he se c onda ry m a rk e t -- The estimated value of your notes on the original trade
date is based on a number of variables, including our internal funding rates. Our internal funding rates may vary from the levels at
which our benchmark debt securities trade in the secondary market. As a result of this difference, the estimated value referenced
above may be lower if such estimated value were based on the levels at which our benchmark debt securities trade in the
secondary market.


T he e st im a t e d va lue of your not e s is low e r t ha n t he init ia l issue pric e of your not e s -- The estimated value of
your notes on the original trade date is lower than the initial issue price of your notes. The difference between the initial issue
price of your notes and the estimated value of the notes is a result of certain factors, such as any sales commissions to be paid to

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Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees to be allowed or paid to
non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the
notes, the estimated cost that we may incur in hedging our obligations under the notes, and estimated development and other
costs that we may incur in connection with the notes.


T he e st im a t e d va lue of t he not e s is ba se d on our int e rna l pric ing m ode ls, w hic h m a y prove t o be
ina c c ura t e a nd m a y be diffe re nt from t he pric ing m ode ls of ot he r fina nc ia l inst it ut ions -- The estimated value
of your notes on the original trade date is based on our internal pricing models, which take into account a number of variables and
are based on a number of subjective assumptions, which may or may not materialize. These variables and assumptions are not
evaluated or verified on an independent basis. Further, our pricing models may be different from other financial institutions' pricing
models and the methodologies used by us to estimate the value of the notes may not be consistent with those of other financial
institutions that may be purchasers or sellers of the notes in the secondary market. As a result, the secondary market price of
your notes may be materially different from the estimated value of the notes determined by reference to our internal pricing
models. Moreover, at our sole option, we may decide to sell additional notes after the original trade date. Our estimated value of
the notes on any subsequent trade date may reflect issue prices, commissions and aggregate proceeds that differ from the
amounts set forth in this document and will take into account a number of variables, including prevailing market conditions and our
subjective assumptions, which may or may not materialize, on the date that such additional notes are traded. As a result of
changes in these variables, our estimated value of the notes on any subsequent trade date may differ significantly from our
estimated value of the notes on the original trade date.


T he e st im a t e d va lue of your not e s is not a pre dic t ion of t he pric e s a t w hic h you m a y se ll your not e s in t he
se c onda ry m a rk e t , if a ny, a nd suc h se c onda ry m a rk e t pric e s, if a ny, w ill lik e ly be low e r t ha n t he init ia l
issue pric e of your not e s a nd m a y be low e r t ha n t he e st im a t e d va lue of your not e s -- The estimated value of
the notes will not be a prediction of the prices at which Barclays Capital Inc., other affiliates of ours or third parties may be willing
to purchase the notes from you in secondary market transactions (if they are willing to purchase, which they are not obligated to
do). The price at which you may be able to sell your notes in the secondary market at any time will be influenced by many factors
that cannot be predicted, such as market conditions, and any bid and ask spread for similar sized trades, and may be substantially
less than our estimated value of the notes. Further, as secondary market prices of your notes take into account the levels at
which our debt securities trade in the secondary market, and do not take into account our various costs related to the notes such
as fees, commissions, discounts, and the costs of hedging our obligations under the notes, secondary market prices of your notes
will likely be lower than the initial issue price of your notes. As a result, the price, at which Barclays Capital Inc., other affiliates of
ours or third parties may be willing to purchase the notes from you in secondary market transactions, if any, will likely be lower
than the price you paid for your notes, and any sale prior to the maturity date could result in a substantial loss to you.


T he t e m pora ry pric e a t w hic h w e m a y init ia lly buy t he not e s in t he se c onda ry m a rk e t a nd t he va lue w e
m a y init ia lly use for c ust om e r a c c ount st a t e m e nt s, if w e provide a ny c ust om e r a c c ount st a t e m e nt s a t a ll,
m a y not be indic a t ive of fut ure pric e s of your not e s -- Assuming that all relevant factors remain constant after the
original trade date, the price at which Barclays Capital Inc. may initially buy or sell the notes in the secondary market (if Barclays
Capital Inc. makes a market in the notes, which it is not obligated to do) and the value that we may initially use for customer
account statements, if we provide any customer account statements at all, may exceed our estimated value of the notes on the
original trade date, as well as the secondary market value of the notes, for a temporary period after the original issue date of the
notes. The price at which Barclays Capital Inc. may initially buy or sell the notes in the secondary market and the value that we
may initially use for customer account statements may not be indicative of future prices of your notes.


We a nd our a ffilia t e s m a y e nga ge in va rious a c t ivit ie s or m a k e de t e rm ina t ions t ha t c ould m a t e ria lly a ffe c t
your not e s in va rious w a ys a nd c re a t e c onflic t s of int e re st -- We and our affiliates establish the offering price of the
notes for initial sale to the public, and the offering price is not based upon any independent verification or valuation. Additionally,
the role played by Barclays Capital Inc., as a dealer in the notes, could present it with significant conflicts of interest with the role
of Barclays Bank PLC, as issuer of the notes. For example, Barclays Capital Inc. or its representatives may derive compensation
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or financial benefit from the distribution of the notes and such compensation or financial benefit may serve as an incentive to sell
these notes instead of other investments. We may pay dealer compensation to any of our affiliates acting as agents or dealers in
connection with the distribution of the notes. Furthermore, we and our affiliates make markets in and trade various financial
instruments or products for their own accounts and for the account of their clients and otherwise provide investment banking and
other financial services with respect to these financial instruments and products. These financial instruments and products may
include securities, futures, options or other derivative instruments with returns linked or related to changes in the levels of the
reference rates. Such market making activities, trading activities and other investment banking and financial services may
negatively impact the value of the notes. Furthermore, in any such market making, trading activities, and other services, we or our
affiliates may take positions or take actions that are inconsistent with, or adverse to, the investment objectives of the holders of the
notes. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the notes into account in
conducting these activities.

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Hypothetical Interest Rate and Interest Payment Calculations

The examples below illustrate the various payments you may receive on the notes in a number of different hypothetical
scenarios. These examples are only hypothetical and do not indicate the actual payments or return you will receive on the
notes. The examples below do not take into account the tax consequences of an investment in the notes.

As described above, after the fixed rate payment period, the notes will pay interest, if any, on each interest payment date at an
effective per annum interest rate calculated in accordance with the formula for determining the interest rate. The following illustrates
the process by which the interest rate and interest payment amount are determined for each interest period during the term of the
notes.

For purposes of these examples, we assume that the notes are not redeemed on any interest payment date pursuant to the
redemption at the option of the company provisions above and are held to maturity. If we exercise our redemption option, you will
receive on the early redemption date the redemption price applicable to that early redemption date, calculated as described above.

I nt e re st Ra t e Ca lc ula t ion

Step 1: Calculate the reference rate.

For each interest period occurring during the floating rate payment period, the reference rate is determined by calculating the CMS
spread (the 30-year CMS rate minus the 5-year CMS rate) and subtracting the fixed percentage amount of 0.25%. If the 30-year
CMS rate is not greater than the 5-year CMS rate by more than the fixed percentage amount of 0.25%, the interest rate will be 0.00%
and no interest will accrue on the notes for the related interest period.

Step 2: Calculate the per annum interest rate for each interest payment date.

For each interest period occurring during the fixed rate payment period, the interest rate per annum will be equal to the initial interest
rate.

For each interest period occurring during the floating rate payment period, the interest rate per annum will be equal to (1) the multiplier
of 9.00 times (2) the reference rate; provided that the interest rate will not be lower than the minimum interest rate of 0.00% per
annum or higher than the maximum interest rate of 9.00% per annum. I f t he re fe re nc e ra t e is ze ro or ne ga t ive on a ny
re fe re nc e ra t e de t e rm ina t ion da t e during t he floa t ing ra t e pa ym e nt pe riod, you w ill not re c e ive a ny int e re st for
t he re la t e d int e re st pe riod.

As both the initial interest rate and the maximum interest rate are set at 9.00%, the maximum possible per annum interest rate for any
interest period is 9.00%. The minimum interest rate applicable to any interest period during the floating rate payment period is
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