Pricing Supplement dated June 17, 2013
(To Prospectus dated August 31, 2010 and
the Prospectus Supplement dated May 27, 2011)
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Filed Pursuant to Rule 424(b)(2)
Registration No. 333-169119
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US$13,000,000
STEP-UP FIXED RATE CALLABLE NOTES DUE JUNE 20, 2028
The Notes are senior unsecured debt securities issued by Barclays Bank PLC. All payments and the return of the principal amount on the Notes are subject to our credit risk.
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The Notes will mature on June 20, 2028. At maturity, if the Notes have not been previously redeemed, you will receive a cash payment equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest.
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Interest will be paid on June 20 and December 20 of each year, beginning on December 20, 2013, with the final interest payment date occurring on the maturity date.
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The Notes will accrue interest at the following rates per annum during the indicated year of their term.
o
From
the Original Issue Date, to but excluding June 20, 2019: 3.16% per annum
;
o
From
June 20, 2019, to but excluding June 20, 2023: 3.66
% per annum;
o
From
June 20, 2023, to but excluding June 20, 2025: 4.16
% per annum;
o
From
June 20, 2025, to but excluding June 20, 2027: 5.16
% per annum; and
o
From
June 20, 2027, to but excluding the Maturity Date:
6.16% per annum.
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We have the right to redeem the Notes, in whole or part, on June 20, 2014, and on each subsequent interest payment date up to and including December 20, 2027. The redemption price will be 100% of the principal amount of the Notes, plus any accrued and unpaid interest.
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The Notes are issued in minimum denominations of $1,000 and whole multiples of $1,000.
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The Notes will not be listed on any securities exchange.
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In connection with this offering, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) is acting in its capacity as principal for your account.
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CUSIP: 06741TWL7.
The Notes constitute our direct, unconditional, unsecured and unsubordinated obligations and are not deposit liabilities of Barclays Bank PLC. The Notes are not insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, the United Kingdom or any other jurisdiction.
We may use this pricing supplement in the initial sale of Notes. In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in market resale transactions in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this pricing supplement is being used in a market resale transaction.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.
Any payment on the Notes is subject to the creditworthiness of the Issuer and is not guaranteed by any third party. For a description of risks with respect to the ability of Barclays Bank PLC to satisfy its obligations as they become due, see Selected Risk FactorsIssuer Credit Risk in this pricing supplement.
There are important differences between the Notes and a conventional debt security, including different investment risks. See
Selected Risk Factors
on page PS-1 of this pricing supplement and Risk Factors beginning on page S-6 of the prospectus supplement.
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Price to Public
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Underwriters Commission
(1)
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Proceeds to Barclays Bank PLC
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Per Note
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100.00%
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1.75%
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98.25%
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Total
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$13,000,000
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$227,500
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$12,772,500
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(1)
Merrill Lynch, Pierce, Fenner, Smith & Incorporated (MLPF&S) will receive commissions from the Issuer equal to 1.75% of the principal amount of the Notes, or $17.50 per $1,000 principal amount.
Merrill Lynch & Co.
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Investing in the Notes involves a number of risks. See Risk FactorsRisks Relating to All Securities beginning on page S-6 of the prospectus supplement and Selected Risk Factors below. We urge you to consult your investment, legal, tax, accounting and other advisers and to invest in the Notes only after you and your advisors have carefully considered the suitability of an investment in the Notes in light of your particular circumstances.
Barclays Bank PLC has filed a registration statement (including a prospectus and a prospectus supplement) with the SEC for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus dated August 31, 2010, the prospectus supplement dated May 27, 2011, and other documents Barclays Bank PLC has filed with the SEC for more complete information about Barclays Bank PLC and this offering. Buyers should rely upon this pricing supplement, the prospectus, the prospectus supplement, and any relevant free writing prospectus for complete details. You may get these documents and other documents Barclays Bank PLC has filed for free by visiting EDGAR on the SEC website at www.sec.gov, and you may also access the prospectus and prospectus supplement through the links below:
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Prospectus dated August 31, 2010:
http://www.sec.gov/Archives/edgar/data/312070/000119312510201448/df3asr.htm
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Series A MTN Prospectus Supplement dated May 27, 2011:
http://www.sec.gov/Archives/edgar/data/312070/000119312511152766/d424b3.htm
Our Central Index Key, or CIK, on the SEC website is 0000312070.
Alternatively, Barclays Bank PLC or MLPF&S or any dealer participating in this offering will arrange to send you this pricing supplement, the prospectus, the prospectus supplement and any relevant free writing prospectus if you request it by calling MLPF&S toll free at 1-866-500-5408.
We reserve the right to change the terms of, or reject any offer to purchase the Notes prior to their issuance. In the event of any changes to the terms of the Notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.
As used in this pricing supplement, the Company, we, us, or our refers to Barclays Bank PLC.