By Angela McDaniels
Tacoma, Wash., Jan. 26 - Barclays Bank plc priced $500,000 of callable CMS steepener notes due Feb. 19, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 11% for the first year. Beginning Feb. 19, 2011, the interest rate will equal 4.5 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate minus 0.25%, subject to a cap of 11% per year and a floor of zero in each interest period. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Feb. 19, 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
|
| Underlying rates: | 10-year and two-year CMS rates
|
| Amount: | $500,000
|
| Maturity: | Feb. 19, 2025
|
| Coupon: | Initially 11%; beginning Feb. 19, 2011, 4.5 times spread of 10-year CMS rate over two-year CMS rate minus 0.25%, subject to cap of 11% and floor of zero; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Feb. 19, 2011 onward
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 19
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740JSJ0
|
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