By Angela McDaniels
Tacoma, Wash., Oct. 28 - Barclays Bank plc priced $1 million of callable CMS steepener notes due Nov. 29, 2030 linked to the 10-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 10% for the first year. After that, the per-year interest rate will equal four times the spread of the 10-year CMS rate over the two-year CMS rate minus 0.25%, subject to a floor of zero and a cap of 10%. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Nov. 29, 2011, the notes will be 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: | Nov. 29, 2030
|
| Coupon: | Initially 10%; beginning Nov. 29, 2011, four times spread of 10-year CMS rate over two-year CMS rate minus 0.25%, with floor of zero and cap of 10%; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Nov. 29, 2011 onward
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740PC38
|
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