New Issue: Barclays prices $10 million callable step-up notes with 2.75% initial rate

By Jennifer Chiou

New York, May 20 - Barclays Bank plc priced $10 million of callable step-up fixed-rate notes due May 23, 2017, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 2.75% for the first three years. It will step up to 3% on May 23, 2014, to 4% on May 23, 2015 and to 6.5% on May 23, 2016. Interest is payable semiannually.

The payout at maturity will be par.

After one year, the notes will be callable at par on any interest payment date.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable step-up fixed-rate notes
Amount:	$10 million
Maturity:	May 23, 2017
Coupon:	2.75% initially, stepping up to 3% on May 23, 2014, to 4% on May 23, 2015 and to 6.5% on May 23, 2016; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on interest payment dates starting May 23, 2012
Pricing date:	May 18
Settlement date:	May 23
Agent:	Barclays Capital Inc.
Fees:	0.75%
Cusip:	06738KKB6

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