By Susanna Moon
Chicago, Sept. 1 - Barclays Bank plc priced $500,000 of callable CMS steepener notes due Sept. 16, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will accrue at 9% 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 minus 25 basis points, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Sept. 16, 2011.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Amount: | $500,000
|
| Maturity: | Sept. 16, 2025
|
| Coupon: | 9% for one year; then four times spread of 10-year CMS rate over two-year CMS rate less 25 bps, capped at 10%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates after one year
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 16
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740PMQ6
|
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