Published on 10/6/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $200,000 add-on to callable CMS steepener notes due 2024
By Angela McDaniels
Tacoma, Wash., Oct. 6 - Barclays Bank plc reopened its callable CMS steepener notes due Sept. 30, 2024 to price an additional $200,000 of notes, according to a 424B2 filing with the Securities and Exchange Commission.
The add-on brings the total issue size to $13.85 million. The company priced $500,000 of the notes on Sept. 14 and $13.15 million of additional notes on Sept. 25.
Interest is fixed at 11% for the first year. Beginning Sept. 30, 2010, interest will equal four times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, subject to a floor of zero and a cap of 15% per year in each interest period.
Interest is payable semiannually.
The payout at maturity will be par.
Beginning Sept. 30, 2010, the notes are callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable CMS steepener notes
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Amount: | $13,854,000, increased from $500,000
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Maturity: | Sept. 30, 2024
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Coupon: | Initially 11%; beginning Sept. 30, 2010, four times spread of 10-year CMS rate over two-year CMS rate, with floor of zero and cap of 15% per year; payable semiannually
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on interest payment dates from Sept. 30, 2010 onward
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Pricing dates: | Sept. 14 for $500,000; Sept. 25 for $13,154,000; Oct. 6 for $200,000
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Settlement dates: | Sept. 30 for $13,654,000; Oct. 9 for $200,000
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Agent: | Barclays Capital Inc.
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Fees: | 5%
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