By Toni Weeks
San Diego, Sept. 1 - Barclays Bank plc priced $1 million of callable CMS steepener notes due Sept. 30, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 11% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, up to a maximum rate of 10%. Interest is payable semiannually 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 after one year.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Amount: | $1 million
|
| Maturity: | Sept. 30, 2031
|
| Coupon: | 11% for one year; then four times spread of 30-year CMS rate over two-year CMS rate less 50 bps, capped at 10%, floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning Sept. 30, 2012
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 30
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06738KTB7
|
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