By Angela McDaniels
Tacoma, Wash., April 30 - Barclays Bank plc priced $1 million of 100% principal-protected leveraged callable CMS spread notes due May 28, 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 May 28, 2010, interest will equal six times the spread of the 30-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 May 28, 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: | May 28, 2024
|
| Coupon: | 12% for first year; beginning May 28, 2010, six times spread of 30-year CMS rate over two-year CMS rate, with floor of zero and cap of 12%; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from May 28, 2010 onward
|
| Pricing date: | April 30
|
| Settlement date: | May 28
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 4.5%
|
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