By E. Janene Geiss
Philadelphia, Sept. 29 - Barclays Bank plc priced $2 million principal-protected leveraged callable Constant Maturity Swap spread notes due Sept. 30, 2028, according to a 424B filing with the Securities and Exchange Commission.
The notes will bear interest at 12% for the first year. After that the notes will bear interest at 11 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.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | 100% principal-protected leveraged callable CMS spread notes
|
| Underlying asset: | 10-year Constant Maturity Swap rate and the two-year CMS rate
|
| Amount: | $2 million
|
| Maturity: | Sept. 30, 2028
|
| Coupon: | 12% for first year; then 11 times positive difference between the 10-year CMS rate and the two-year CMS rate
|
| Price: | Par
|
| Payout at maturity: | Par plus interest if the notes are not called
|
| Call date: | Sept. 30, 2009
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
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