By Susanna Moon
Chicago, June 28 - Barclays Bank plc priced $5 million of callable CMS steepener notes due July 23, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 7% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum rate of 7% per year in each interest period. Interest is payable semiannually and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning June 30, 2011.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Underlying rates: | 30-year and two-year CMS rates
|
| Amount: | $5 million
|
| Maturity: | July 23, 2020
|
| Coupon: | 7% for one year; after that, four times spread of 30-year CMS rate over two-year CMS rate, capped at 7% with floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates after one year
|
| Pricing date: | June 25
|
| Settlement date: | July 23
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 0.25%
|
| Cusip: | 06740PBQ8
|
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