By Angela McDaniels
Tacoma, Wash., Aug. 25 - Barclays Bank plc priced an additional $1.25 million of callable CMS steepener notes due Aug. 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The initial $1 million of notes priced on Aug. 17. The total issue size is now $2.25 million.
Interest is fixed at 12.5% for the first year. Beginning Aug. 27, 2010, interest will equal four 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 12.5% per year in each interest period.
Interest is payable semiannually.
The payout at maturity will be par.
Beginning Aug. 27, 2010, 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: | $2.25 million, upsized from $1 million
|
| Maturity: | Aug. 27, 2024
|
| Coupon: | Initially 12.5%; beginning Aug. 27, 2010, four times the spread of the 10-year CMS rate over the two-year CMS rate, with floor of zero and cap of 12.5% per year; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Aug. 27, 2010 onward
|
| Pricing dates: | Aug. 17 for $1 million; Aug. 24 for $1.25 million
|
| Settlement date: | Aug. 27
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
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