By Angela McDaniels
Tacoma, Wash., Sept. 23 - Barclays Bank plc priced $500,000 of callable CMS steepener notes due Sept. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is fixed at 12.5% for the first year. Beginning Sept. 30, 2010, interest will equal 5.5 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate minus 0.25%, subject to a floor of zero and a cap of 12.5% per year in each interest period.
Interest is payable quarterly.
The payout at maturity will be par.
Beginning Sept. 30, 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: | $500,000
|
Maturity: | Sept. 30, 2024
|
Coupon: | Initially 12.5%; beginning Sept. 30, 2010, 5.5 times the spread of the 10-year CMS rate over the two-year CMS rate minus 0.25%, with floor of zero and cap of 12.5% per year; payable quarterly
|
Price: | Variable
|
Payout at maturity: | Par
|
Call option: | At par on interest payment dates from Sept. 30, 2010 onward
|
Pricing date: | Sept. 22
|
Settlement date: | Sept. 30
|
Agent: | Barclays Capital Inc.
|
Fees: | 5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.