By Angela McDaniels
Tacoma, Wash., June 28 - Barclays Bank plc priced an additional $2.77 million of callable CMS steepener notes due June 30, 2025 linked to the 30-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The notes bring the issue size to $3.77 million. The original $1 million of notes priced June 11.
The coupon is initially 12.5%. After one year, the rate will be 4.25 times the spread of the 30-year CMS rate over the two-year CMS rate minus 25 basis points, up to a maximum of 12.5% per year in each interest period and subject to a floor of zero. Interest is payable quarterly.
The payout at maturity will be par.
Beginning June 30, 2011, the notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Underlying rates: | 30-year and two-year CMS rates
|
| Amount: | $3,774,000, upsized from $1 million
|
| Maturity: | June 30, 2025
|
| Coupon: | 12.5% for one year; after that, 4.25 times spread of 30-year CMS rate over two-year CMS rate less 25 bps, capped at 12.5% with floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from June 30, 2011 onward
|
| Pricing dates: | June 11 for $1 million; June 25 for $2,774,000
|
| Settlement date: | June 30
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740L6Z3
|
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