By Angela McDaniels
Tacoma, Wash., Oct. 19 - Barclays Bank plc priced $2 million of fixed-rate callable range accrual notes due Oct. 20, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6.5% for the first year. Beginning Oct. 20, 2011, the per-year interest rate will be the applicable rate multiplied by the proportion of days on which the S&P 500 closes at or above 952.71, which is 81% of the initial index level.
The applicable rate is initially 6.5%. It will step up to 7.25% on Oct. 20, 2015 and to 8% on Oct. 20, 2020.
Interest is payable quarterly.
The payout at maturity will be par.
Beginning Oct. 20, 2011, the notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Fixed-rate callable range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $2 million
|
| Maturity: | Oct. 20, 2025
|
| Coupon: | 6.5% for first year, then applicable rate multiplied by proportion of days on which S&P 500 closes at or above 952.71; applicable rate is 6.5% for years two through five, 7.25% for years six through 10 and 8% for years 11 through 15; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Oct. 20, 2011 onward
|
| Initial index level: | 1,176.19
|
| Pricing date: | Oct. 15
|
| Settlement date: | Oct. 20
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740PVH6
|
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