By Jennifer Chiou
New York, Oct. 29 - Barclays Bank plc priced $2 million of callable Sifma Municipal Swap index and Libor spread notes due Nov. 10, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be Libor plus a spread of 600 basis points for the first year.
From Nov. 10, 2011 onward, interest will equal the sum of Libor plus 600 bps - the floating percentage - and 10 times the spread of the weighted average of Libor times 0.67 over the average Sifma index value - the interest adjustment amount, subject to a floor of zero and a cap of 9%.
Interest will be payable quarterly, and the floating percentage will be reset quarterly.
The payout at maturity will be par.
Beginning Nov. 10, 2011, the notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable Sifma Municipal Swap index and Libor spread notes
|
| Amount: | $2 million
|
| Maturity: | Nov. 10, 2025
|
| Coupon: | Libor plus 600 bps for first year; from Nov. 10, 2011 onward, sum of Libor plus 600 bps and 10 times the spread of the weighted average of Libor times 0.67 over the average Sifma index value, subject to a floor of zero and a cap of 9%; payable and reset quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Nov. 10, 2011 onward
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 10
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740PB88
|
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