By Angela McDaniels
Tacoma, Wash., April 2 - Barclays Bank plc priced $1 million of 100% principal-protected leveraged callable CMS spread notes due April 22, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The notes have a fixed coupon of 12% for the first year. Beginning April 22, 2010, interest will equal seven 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 12%.
Interest is payable semiannually.
Beginning April 9, 2010, the notes will be callable at par on any interest payment date.
The payout at maturity will be par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | 100% principal-protected leveraged callable CMS spread notes
|
| Amount: | $1 million
|
| Maturity: | April 22, 2024
|
| Coupon: | 12% for first year; beginning April 22, 2010, seven times spread of 10-year CMS rate over two-year CMS rate, with floor of zero and cap of 12%
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from April 22, 2010 onward
|
| Pricing date: | April 1
|
| Settlement date: | April 22
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 4%
|
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