New Issue: Barclays prices $5.17 million more callable CMS steepener notes due 2025

By Jennifer Chiou

New York, March 24 - Barclays Bank plc priced another $5.17 million of callable CMS steepener notes due March 26, 2025 to add to the original $250,000 priced on March 12, 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
Issue:	Callable CMS steepener notes
Underlying rates:	10-year and two-year CMS rates
Amount:	$5,422,000 (up from $250,000)
Maturity:	March 26, 2025
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
Price:	Variable
Payout at maturity:	Par
Call option:	At par on interest payment dates beginning March 26, 2011
Pricing date:	March 12 for original $250,000; March 23 for add-on
Settlement date:	March 26
Agent:	Barclays Capital Inc.
Fees:	5%
Cusip:	06740LAB1

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