A story in the Feb. 9 issue of the Prospect News Structured Products Daily misstated the amount issued for Barclays callable CMS steepener notes due 2025. A corrected version of the story follows.
By Susanna Moon
Chicago, Feb. 9 - Barclays Bank plc priced another $2.49 million of callable CMS steepener notes due Feb. 19, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $2.99 million. Barclays priced $500,000 of the notes on Jan. 25.
The interest rate is 11% for the first year. After that, the interest rate will be 4½ times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, with a floor of 0% and a cap of 11% per year in each interest period. Interest is payable semiannually.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning Feb. 19, 2011.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Underlying rates: | 10-year and two-year CMS rates
|
| Amount: | $2,994,000, up from $500,000
|
| Maturity: | Feb. 19, 2025
|
| Coupon: | 11% for first year; after that, 4½ times spread of 10-year CMS rate over two-year CMS rate minus 25 bps, with floor of 0% and cap of 11%; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning Feb. 19, 2011
|
| Pricing date: | Jan. 25 for $500,000; Feb. 8 for $2,494,000
|
| Settlement date: | Feb. 19
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740JSJ0
|
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