New Issue: Barclays prices $188,000 callable step-up notes with 4.5% initial rate

By Jennifer Chiou

New York, April 6 - Barclays Bank plc priced $188,000 of callable step-up fixed-rate notes due April 7, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 4.5% for the first five years. After that, it will step up to 5.25% on April 7, 2016, to 6.25% on April 7, 2021 and to 7.5% on April 7, 2024. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning April 7, 2012.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable step-up fixed-rate notes
Amount:	$188,000
Maturity:	April 7, 2026
Coupon:	4.5% initially, 5.25% beginning April 7, 2016, 6.25% beginning April 7, 2021 and 7.5% beginning April 7, 2024; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on interest payment dates beginning April 7, 2012
Pricing date:	April 4
Settlement date:	April 7
Agent:	Barclays Capital Inc.
Fees:	1.75%
Cusip:	06738JN83

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