By Jennifer Chiou
New York, March 8 - Barclays Bank plc priced another $1.5 million of callable EUR CMS steepener notes due March 10, 2026 linked to the 30-year and two-year EUR Constant Maturity Swap rates, upsizing the issue to $2.5 million, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 11% for the first year. After that, the per-year interest rate will equal seven times the spread of the 30-year EUR CMS rate over the two-year EUR CMS rate, subject to a floor of zero and a cap of 10%. Interest is payable quarterly.
The payout at maturity will be par.
Beginning March 10, 2012, the notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable EUR CMS steepener notes
|
| Amount: | $2.5 million (up from $1 million)
|
| Maturity: | March 10, 2026
|
| Coupon: | Initially 11%; after one year, seven times spread of 30-year EUR CMS rate over two-year EUR CMS rate, with floor of zero and cap of 10%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from March 10, 2012 onward
|
| Pricing date: | Feb. 22
|
| Upsize date: | March 8
|
| Settlement date: | March 10
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 4.5%
|
| Cusip: | 06738KCQ2
|
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