By Jennifer Chiou
New York, Sept. 21 - Barclays Bank plc priced $7.7 million of fixed-rate callable range accrual notes due Sept. 22, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be fixed at 7% for the first year. Beginning Sept. 22, 2011, the interest rate will be a fixed percent multiplied by the proportion of days on which the index closes at or above the barrier level, which is 82.5% of the initial level. The fixed percent will be 7% per year for years two through five, 7.25% per year from Sept. 22, 2015 for years six through 10 and 8.5% per year from Sept. 22, 2020 for years 11 through 15.
Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Sept. 22, 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 range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $7.7 million
|
| Maturity: | Sept. 22, 2025
|
| Coupon: | Fixed at 7% for the first year; beginning Sept. 22, 2011, a fixed percent multiplied by the proportion of days on which the index closes at or above the barrier level; the fixed percent will be 7% per year for years two through five, 7.25% per year for years six through 10 and 8.5% per year for years 11 through 15; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Sept. 22, 2011 onwards
|
| Initial level: | 651.44
|
| Barrier level: | 537.44, 82.5% of initial level
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 22
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740PQB5
|
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