By Susanna Moon
Chicago, May 13 - Barclays Bank plc priced $250,000 of callable CMS steepener notes due May 25, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 13% 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 13% per year in each interest period. Interest is payable quarterly 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 May 25, 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: | $250,000
|
| Maturity: | May 25, 2025
|
| Coupon: | 13% for one year; after that, four times spread of 10-year CMS rate over two-year CMS rate, capped at 13%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates after one year
|
| Pricing date: | May 12
|
| Settlement date: | May 25
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740LJ55
|
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