Published on 4/6/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.5 million more fixed-to-floating notes linked to CPI
By Susanna Moon
Chicago, April 6 - Barclays Bank plc priced another $7.5 million of fixed-to-floating notes due April 8, 2021 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $9.5 million, up from $2 million.
The coupon will be 4.35% for the first two years. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 200 basis points, with a minimum rate of 1%. The maximum rate will be 6.5% beginning April 8, 2013, 7.5% beginning April 8, 2016 and 8.5% beginning April 8, 2019. Interest is payable monthly.
The payout at maturity will be par.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Fixed-to-floating notes
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Underlying index: | Consumer Price Index
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Amount: | $9.5 million, up from $2 million
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Maturity: | April 8, 2021
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Coupon: | 4.35% until April 8, 2013; thereafter, year-over-year change in CPI plus 200 bps, with floor of 1% and capped at 6.5% beginning April 8, 2013, 7.5% beginning April 8, 2016 and 8.5% beginning April 8, 2019; payable monthly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing dates: | March 11 for $2 million, April 6 for $7.5 million
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Settlement date: | April 8
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Agent: | Barclays Capital Inc.
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Fees: | 2.5%
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Cusip: | 06738KEM9
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