By E. Janene Geiss
Philadelphia, Aug. 19 - Barclays Bank plc priced an additional $1.7 million of callable CMS steepener notes due Aug. 21, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The notes initially priced at $1 million on July 24. The upsizing brings the total offering to $2.7 million.
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: | $2,676,000, up from $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 for first tranche; Aug. 18 for second tranche
|
| Settlement date: | Aug. 21
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
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