By Angela McDaniels
Tacoma, Wash., Nov. 24 - Barclays Bank plc priced an additional $1.25 million of CMS steepener notes due Nov. 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The original $1 million of notes priced Nov. 4. The total issue size is now $2.25 million.
Interest is fixed at 10% for the first year. Beginning Nov. 27, 2010, interest will equal four-and-a-half times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 0.5%, subject to a floor of zero and a cap of 12% per year in each interest period.
Interest is payable semiannually.
The payout at maturity will be par.
Beginning Nov. 27, 2010, the notes are callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | CMS steepener notes
|
| Amount: | $2,254,000, upsized from $1 million
|
| Maturity: | Nov. 27, 2024
|
| Coupon: | Initially 10%; beginning Nov. 27, 2010, four-and-a-half times the spread of the 30-year CMS rate over the two-year CMS rate minus 0.5%, with floor of zero and cap of 12% per year; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Nov. 27, 2010 onward
|
| Pricing dates: | Nov. 4 for $1 million; Nov. 24 for $1,254,000
|
| Settlement date: | Nov. 27
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 4%
|
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