By Toni Weeks
San Diego, March 18 - Barclays Bank plc priced an additional $4 million of callable CMS steepener notes due March 21, 2031 linked to the 10-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $5 million, up from $1 million.
The interest rate will be 11% for the first year. After that, the per-year interest rate will equal 4.5 times the spread of the 10-year CMS rate over the two-year CMS rate minus 25 basis points, subject to a floor of zero and a cap of 11%. Interest is payable semiannually.
The payout at maturity will be par.
Beginning March 21, 2012, the notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Amount: | $5 million, up from $1 million
|
| Maturity: | March 21, 2031
|
| Coupon: | Initially 11%; after one year, 4.5 times spread of 10-year CMS rate over two-year CMS rate minus 25 bps, with floor of zero and cap of 11%; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning March 21, 2012
|
| Pricing dates: | Feb. 18 for $1 million; March 16 for $4 million
|
| Settlement date: | March 21
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06738KCM1
|
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