By Angela McDaniels
Tacoma, Wash., March 30 - Barclays Bank plc priced $39.4 million of step-up callable range accrual notes due April 2, 2027 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate equals the inside range rate multiplied by the proportion of days on which six-month Libor is 6% or less and the S&P 500 closes at or above 975. The inside range rate is 6.5% per year in years one through eight, 7% per year in years nine through 11, 9% per year in years 12 and 13 and 11% per year in years 14 and 15. Interest is payable quarterly.
The payout at maturity will be par.
Beginning April 2, 2013, the notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable range accrual notes
|
| Underlyings: | Six-month Libor and S&P 500
|
| Amount: | $39,404,000
|
| Maturity: | April 2, 2027
|
| Coupon: | Inside range rate multiplied by proportion of days on which six-month Libor is 6% or less and S&P 500 closes at or above 975; payable quarterly
|
| Inside range rate: | 6.5% per year in years one through eight, 7% per year in years nine through 11, 9% per year in years 12 and 13 and 11% per year in years 14 and 15
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from April 2, 2013 onward
|
| Pricing date: | March 28
|
| Settlement date: | April 2
|
| Agent: | Barclays Capital Inc.
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 3.5%
|
| Cusip: | 06738KX55
|
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