By Susanna Moon
Chicago, March 25 - Barclays Bank plc priced $300,000 of callable CMS steepener notes due April 7, 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 four times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum rate of 15% per year in each interest period. Interest is payable semiannually and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning April 7, 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: | $300,000
|
| Maturity: | April 7, 2025
|
| Coupon: | 11.5% for first year; after that, four times spread of 10-year CMS rate over two-year CMS rate, capped at 15% with floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning April 7, 2011
|
| Pricing date: | March 24
|
| Settlement date: | April 7
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740LBV6
|
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