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Barclays plans protected leveraged callable CMS spread notes
By Jennifer Chiou
New York, Sept. 10 - Barclays Bank plc plans to price principal-protected leveraged callable Constant Maturity Swap spread notes due Sept. 30, 2028, according to an FWP filing with the Securities and Exchange Commission.
The notes will bear interest at 12% for the first year. Thereafter, the notes will bear interest at 50 times the difference, if positive, between the 10-year CMS rate and the two-year CMS rate, capped at 15%.
Interest is payable semiannually.
The notes will be callable in whole on any interest payment date beginning on Sept. 30, 2009.
Payout at maturity is par plus accrued interest.
The notes will settle on Sept. 30.
Barclays Capital is the agent.
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