New Issue: Barclays sells $250,000 15-year callable steepener notes linked to 10-year, two-year CMS

By Susanna Moon

Chicago, Nov. 17 - Barclays Bank plc priced $250,000 of CMS steepener notes due Nov. 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 11% for the first year, payable semiannually. After that, the rate will be 5.25 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, with a floor of zero and a cap of 15%.

The payout at maturity will be par.

The notes are callable at par on any interest payment date beginning Nov. 27, 2010.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	CMS steepener notes
Amount:	$250,000
Maturity:	Nov. 27, 2024
Coupon:	11% for first year, payable semiannually; after that, 5.25 times the spread of 10-year CMS rate over two-year CMS rate minus 50 bps; floor of zero and cap of 15%
Price:	Variable
Payout at maturity:	Par
Call option:	At par on interest payment dates beginning Nov. 27, 2010
Pricing date:	Nov. 16
Settlement date:	Nov. 27
Agent:	Barclays Capital Inc.
Fees:	5%

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