New Issue: Barclays upsizes 15-year callable CMS steepener notes to $6.23 million

By Angela McDaniels

Tacoma, Wash., July 26 - Barclays Bank plc upsized its callable CMS steepener notes due July 28, 2025 linked to the 30-year and two-year Constant Maturity Swap rates to $6.23 million from $2 million, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 10% for the first year. After that, the rate will be four times the spread of the 30-year CMS rate over the two-year CMS rate minus 25 basis points, up to a maximum rate of 10% per year in each interest period. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Beginning July 28, 2011, the notes are callable at par on any interest payment date.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable CMS steepener notes
Amount:	$6,225,000, upsized from $2 million
Maturity:	July 28, 2025
Coupon:	10% for one year; after that, four times spread of 30-year CMS rate over two-year CMS rate minus 25 bps, capped at 10%; payable quarterly
Price:	Variable
Payout at maturity:	Par
Call option:	At par on interest payment dates from July 28, 2011 onward
Pricing dates:	July 7 for $2 million; July 23 for $4,225,000
Settlement date:	July 28
Agent:	Barclays Capital Inc.
Fees:	5%
Cusip:	06740PEV4

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