Published on 6/18/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.5 million more callable step-up notes with 4% initial rate
By Susanna Moon
Chicago, June 18 - Barclays Bank plc priced $5.5 million of callable step-up fixed-rate notes due June 20, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $6 million, up from $500,000.
The coupon is 4% for the first seven years. The rate will step up to 4.5% on June 20, 2019, to 6% on June 20, 2021, to 7% on June 20, 2022, to 8% on June 20, 2023 and to 9% on June 20, 2024. Interest is payable semiannually.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par.
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: | $6 million, up from $500,000
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Maturity: | June 20, 2025
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Coupon: | 4% initially, stepping up to 4.5% on June 20, 2019, to 6% on June 20, 2021, to 7% on June 20, 2022, to 8% on June 20, 2023 and to 9% on June 20, 2024; payable semiannually
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Price: | Variable
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Call option: | At par on any interest payment date beginning June 20, 2013
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Payout at maturity: | Par
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Pricing date: | May 21
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Upsizing: | June 15
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Settlement date: | June 20
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Agent: | Barclays Capital Inc.
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Fees: | 3%
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Cusip: | 06738K6F3
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