By Jennifer Chiou
New York, July 26 - Barclays Bank plc upsized its issue of callable CMS steepener notes due July 28, 2031 to $12.36 million from $2 million, according to a 424B2 filing with the Securities and Exchange Commission.
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 50 basis points, up to a maximum rate of 11%. 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 after one year.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable CMS steepener notes
|
| Amount: | $12.36 million (up from original $2 million)
|
| Maturity: | July 28, 2031
|
| Coupon: | 11% for one year; then four times spread of 30-year CMS rate over two-year CMS rate less 50 bps, capped at 11%, floor of par; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning on July 28, 2012
|
| Pricing date: | June 28
|
| Upsize date: | July 26
|
| Settlement date: | July 28
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06738KMX6
|
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