By Angela McDaniels
Tacoma, Wash., July 27 - Barclays Bank plc priced $1 million of callable CMS steepener notes due Aug. 21, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is fixed at 13% for the first year. Beginning Aug. 21, 2010, interest will equal 5.5 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 13% per year in each interest period.
Interest is payable semiannually.
The payout at maturity will be par.
Beginning Aug. 21, 2014, the notes are callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Amount: | $1 million
|
| Maturity: | Aug. 21, 2024
|
| Coupon: | Initially 13%; beginning Aug. 21, 2010, 5.5 times the spread of the 10-year CMS rate over the two-year CMS rate, with floor of zero and cap of 13% per year; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Aug. 21, 2014 onward
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 21
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
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