By E. Janene Geiss
Philadelphia, March 10 - Barclays Bank plc priced an additional $4.24 million of callable CMS steepener notes due March 12, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The add-on brings the total amount of notes in the offering to $4.74 million. The first $500,000 priced on Feb. 18.
The coupon is 11% for the first year. After that, the rate will be 4.5 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, with a minimum rate of 0% and a maximum rate of 11% in each interest period. Interest is payable semiannually.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning March 12, 2011.
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: | $4,743,000, up from $500,000
|
| Maturity: | March 12, 2025
|
| Coupon: | 11% for first year; after that, 4.5 times spread of 10-year CMS rate over two-year CMS rate, with floor of 0% and cap of 11%; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning March 12, 2011
|
| Pricing date: | Feb. 18 for first tranche; March 9 for second tranche
|
| Settlement date: | March 12
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 5%
|
| Cusip: | 06740JM64
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
