By Marisa Wong
Madison, Wis., Nov. 24 - Barclays Bank plc priced $1.5 million of fixed-rate callable range accrual notes due Dec. 22, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will accrue at a fixed rate for each day that six-month Libor is at or below 6.5% and the S&P 500 index closes at or above 875, subject to a maximum rate equal to the fixed rate. Interest is payable quarterly and cannot be less than zero.
The fixed rate will be 7% for the first five years, 8% for years six through 10, 9% for years 11 through 13 and 10% until maturity.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 22, 2011.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Fixed-rate callable range accrual notes
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Amount: | $1.5 million
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Maturity: | Dec. 22, 2025
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Coupon: | Fixed rate for each day that six-month Libor is at or below 6.5% and S&P 500 closes at or above 875; capped at fixed rate, with a floor of zero; fixed rate will be 7% for the first five years, 8% for years six through 10, 9% for years 11 through 13 and 10% until maturity; payable quarterly
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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 date: | Nov. 23
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Settlement date: | Dec. 22
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Agent: | Barclays Capital Inc.
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Fees: | 3%
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Cusip: | 06740PS23
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