Published on 5/10/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.05 million step-up callable notes due 2026 with 4% initial rate
By Marisa Wong
Madison, Wis., May 10 - Barclays Bank plc priced $7.05 million of fixed-rate step-up callable notes due May 11, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 4% for the first three years. It will step up to 4.5% on May 11, 2014, to 5.5% on May 11, 2017, to 6% on May 11, 2020 and to 8.5% on May 11, 2023. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning May 11, 2014.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Fixed-rate step-up callable notes
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Amount: | $7,051,000
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Maturity: | May 11, 2026
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Coupon: | 4% initially, steps up to 4.5% on May 11, 2014, to 5.5% on May 11, 2017, to 6% on May 11, 2020 and to 8.5% on May 11, 2023; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates starting May 11, 2014
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Pricing date: | May 6
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Settlement date: | May 11
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Agent: | Barclays Capital Inc.
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Fees: | 2.25%
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Cusip: | 06738KHR5
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