By Susanna Moon
Chicago, April 26 - Barclays Bank plc priced another $9 million of callable CMS steepener notes due April 28, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $10 million, up from $1 million.
The coupon will accrue at 11% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 35 basis points, up to a maximum rate of 10%. Interest is payable semiannually and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning April 28, 2012.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable CMS steepener notes
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Amount: | $10 million, up from $1 million
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Maturity: | April 28, 2031
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Coupon: | 11% for one year; then four times spread of 30-year CMS rate over two-year CMS rate less 35 bps, capped at 10%, floor of zero; payable semiannually
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on interest payment dates after one year
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Pricing dates: | March 24 for $1 million; April 25 for $9 million
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Settlement date: | April 28
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Agent: | Barclays Capital Inc.
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Fees: | 5%
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Cusip: | 06738KFQ9
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