Published on 1/24/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million callable step-up notes with 4% initial rate
By Susanna Moon
Chicago, Jan. 24 - Barclays Bank plc priced $10 million of callable step-up fixed-rate notes due Jan. 25, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 4% for the first five years, stepping up to 4.625% on Jan. 25, 2016, to 6% on Jan. 25, 2018 and to 7% on Jan. 25, 2020. Interest is payable semiannually.
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
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Issue: | Callable step-up fixed-rate notes
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Amount: | $10 million
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Maturity: | Jan. 25, 2022
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Coupon: | 4% initially, stepping up to 4.625% on Jan. 25, 2016, to 6% on Jan. 25, 2018 and to 7% on Jan. 25, 2020; 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 beginning on Jan. 25, 2013
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Pricing date: | Jan. 20
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Settlement date: | Jan. 25
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Agent: | Barclays Capital Inc.
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Fees: | 1.5%
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Cusip: | 06738KJ44
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