By Marisa Wong
Milwaukee, March 15 - Barclays Bank plc priced $250,000 of callable CMS steepener notes due March 26, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 11.5% for the first year. After that, the rate will be 4.25 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, with a minimum rate of 0% and a maximum rate of 11.5% 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 March 26, 2011.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable CMS steepener notes
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Underlying rates: | 10-year and two-year CMS rates
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Amount: | $250,000
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Maturity: | March 26, 2025
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Coupon: | 11.5% for first year; after that, 4.25 times spread of 10-year CMS rate over two-year CMS rate, with floor of 0% and cap of 11.5%; payable semiannually
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning March 26, 2011
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Pricing date: | March 12
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Settlement date: | March 26
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Agent: | Barclays Capital Inc.
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Fees: | 5%
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Cusip: | 06740LAB1
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