Bond Barclay PLC 0.428% ( US06740PZ331 ) in USD

Barclay PLC

71.537 % ▲

United Kingdom

US06740PZ331 ( in USD )

0.428% per year ( payment 2 times a year)

27/01/2031

Prospectus brochure of the bond Barclays PLC US06740PZ331 en USD 0.428%, maturity 27/01/2031

1 000 USD

2 000 000 USD

06740PZ33

N/A

27/07/2025 ( In 85 days )

Barclays PLC is a British multinational banking and financial services corporation headquartered in London, offering a wide range of services including personal and corporate banking, investment banking, and wealth management.

The Bond issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06740PZ331, pays a coupon of 0.428% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/01/2031

The Bond issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06740PZ331, was rated NR by Moody's credit rating agency.

Pricing Supplement - 2s30s CMS Steepener
Page 1 of 13
424B2 1 d424b2.htm PRICING SUPPLEMENT - 2S30S CMS STEEPENER
CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

Maximum Aggregate Offering Price
Amount of Registration Fee(1)
Global Medium-Term Notes, Series A

$2,000,000
$232.20
(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
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Pricing Supplement - 2s30s CMS Steepener
Page 2 of 13
Pricing Supplement dated December 30, 2010
Filed Pursuant to Rule 424(b)(2)
(To Prospectus dated August 31, 2010 and
Registration No. 333-169119
the Prospectus Supplement dated August 31, 2010)

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1/3/2011

Pricing Supplement - 2s30s CMS Steepener
Page 3 of 13
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Pricing Supplement - 2s30s CMS Steepener
Page 4 of 13
The Notes constitute our direct, unconditional, unsecured and unsubordinated obligations and are not deposit
liabilities of Barclays Bank PLC and 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.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-5 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) 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 August 31, 2010, 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:

·
Prospectus dated August 31, 2010:
http://www.sec.gov/Archives/edgar/data/312070/000119312510201448/df3asr.htm

·
Prospectus Supplement dated August 31, 2010:
http://www.sec.gov/Archives/edgar/data/312070/000119312510201604/d424b3.htm
Our Central Index Key, or CIK, on the SEC website is 1-10257.
Alternatively, Barclays Capital Inc. or any agent or 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 your Barclays Capital Inc. sales representative, such dealer or 1-888-227-2275 (Extension 2-3430).
A copy of the prospectus may be obtained from Barclays Capital Inc., 745 Seventh Avenue--Attn: US InvSol Support,
New York, NY 10019.
You may revoke your offer to purchase the Notes at any time prior to the time at which we accept such offer by notifying the
applicable agent. 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 term sheet, the "Company," "we," "us," or "our" refers to Barclays Bank PLC.
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Pricing Supplement - 2s30s CMS Steepener
Page 5 of 13
SELECTED RISK FACTORS
An investment in the Notes involves significant risks not associated with an investment in conventional floating rate or
fixed rate medium term notes. You should read the risks summarized below in connection with, and the risks
summarized below are qualified by reference to, the risks described in more detail in the "Risk Factors" section
beginning on page S-5 of the prospectus supplement. 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.

·
Reference Rate / Interest Payment Risk--Investing in the Notes is not equivalent to investing in securities
directly linked to the relevant CMS Rates or the Reference Rate. Instead, the amount of interest payable on the
Notes (after any initial Interest Periods for which the Initial Interest Rate is payable) is determined by multiplying
the (a) Multiplier by (b) the difference between the CMS Rates of the two maturities identified on the cover page
hereof minus the Fixed Percentage Amount (the Reference Rate, or "CMS Spread"), as determined on the Interest
Determination Date applicable to the relevant Interest Period, subject to the Minimum Interest Rate and, if
applicable, the Maximum Interest Rate. Accordingly, the amount of interest payable on the Notes is dependent on
whether, and the extent to which, the CMS Spread is greater than zero on the Interest Determination Date. As the

interest payments on the Notes are subject to the Minimum Interest Rate of 0.00%, if the CMS Spread on any
Interest Determination Date is equal to or less than zero, you will receive no interest payment on the related Interest
Payment Date. If the CMS Spread is equal to or less than zero on every Interest Determination Date throughout the
term of the Notes, then you will receive no interest payments on your Notes throughout the term of the Notes.
Moreover, interest payments on the Notes will be subject to a Maximum Interest Rate of 11.00% per annum. As a
result, you will not benefit in any increase in the CMS Spread that results in a per annum interest rate (when such
CMS Spread is multiplied by the Multiplier) that is greater than the specified Maximum Interest Rate, and the yield
on the Notes may be less than the yield on a similar security based on the Reference Rate that is not subject to the
Maximum Interest Rate.

·
Issuer Credit Risk--The Notes are our unsecured debt obligations, and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Notes, including any principal protection provided at
maturity, depends on our ability to satisfy our obligations as they come due. As a result, the actual and perceived

creditworthiness of Barclays Bank PLC may affect the market value of the Notes and, in the event we were to
default on our obligations, you may not receive the principal protection or any other amounts owed to you under
the terms of the Notes.

·
Certain Built-In Costs Are Likely to Adversely Affect the Value of the Notes Prior to Maturity--Although
you will not receive less than the principal amount of the Notes if you hold the Notes to maturity (subject to Issuer
credit risk), the Original Issue Price of the Notes includes the Agent's commission and the cost of hedging our

obligations under the Notes through one or more of our affiliates. As a result, assuming no change in market
conditions or any other relevant factor, the price, if any, at which Barclays Capital Inc. and other affiliates of
Barclays Bank PLC will be willing to purchase Notes from you in secondary market transactions will likely be
lower than the Original Issue Price, and any sale prior to the Maturity Date could result in a substantial loss to you.

·
Lack of Liquidity--The Notes will not be listed on any securities exchange. Barclays Capital Inc. and other
affiliates of Barclays Bank PLC intend to make a secondary market for the Notes but are not required to do so, and
may discontinue any such secondary market making at any time, without notice. Even if there is a secondary
market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are

not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is
likely to depend on the price, if any, at which Barclays Capital Inc. and other affiliates of Barclays Bank PLC are
willing to buy the Notes. The Notes are not designed to be short-term trading instruments. Accordingly, you should
be able and willing to hold your Notes to maturity.

·
Potential Conflicts--We and our affiliates play a variety of roles in connection with the issuance of the Notes,
including acting as calculation agent and hedging our obligations under the Notes. In performing these duties, the

economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an
investor in the Notes.

FWP1
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Pricing Supplement - 2s30s CMS Steepener
Page 6 of 13
In addition, Barclays Wealth, the wealth management division of Barclays Capital Inc., may arrange for the sale of
the Notes to certain of its clients. In doing so, Barclays Wealth will be acting as agent for Barclays Bank PLC and
may receive compensation from Barclays Bank PLC in the form of discounts and commissions. The role of
Barclays Wealth as a provider of certain services to such customers and as agent for Barclays Bank PLC in
connection with the distribution of the Notes to investors may create a potential conflict of interest, which may be
adverse to such clients. Barclays Wealth is not acting as your agent or investment adviser, and is not representing
you in any capacity with respect to any purchase of Notes by you. Barclays Wealth is acting solely as agent for
Barclays Bank PLC. If you are considering whether to invest in the Notes through Barclays Wealth, we strongly
urge you to seek independent financial and investment advice to assess the merits of such investment.

·
Many Economic and Market Factors Will Impact the Value of the Notes--In addition to the level of the

Reference Rate on any day, the value of the Notes will be affected by a number of economic and market factors
that may either offset or magnify each other, including:

·
the expected volatility of the Reference Rate;

·
the time to maturity of the Notes;

·
interest and yield rates in the market generally;

·
a variety of economic, financial, political, regulatory or judicial events; and

·
our creditworthiness, including actual or anticipated downgrades in our credit ratings.
HYPOTHETICAL INTEREST RATE AND INTEREST PAYMENT CALCULATIONS
As described above, after the initial Interest Periods for which the Initial Interest Rate is payable, the Notes will pay interest
on each Interest Payment Date at a per annum interest rate calculated in accordance with the Interest Rate Formula. The
following illustrates the process by which the interest rate and interest payment amount are determined for any such Interest
Periods.
For purposes of these examples, we assume that the Notes are not being redeemed on the applicable Interest Payment Date
pursuant to the Redemption at the Option of the Company provisions above. If we exercise our redemption option, you will
receive on the Early Redemption Date the Early Redemption Price applicable to that Early Redemption Date, calculated as
described above.
Interest Rate Calculation
Step 1: Calculate the Reference Rate.
For each Interest Period, a value for the Reference Rate is determined by calculating the CMS Spread, which is the difference
between the CMS Rates of the two maturities identified on the cover page hereof on the Interest Determination Date for that
Interest Period (that is, two New York Business Days prior to the first day of the Interest Period) minus the Fixed Percentage
Amount. If the value of the first CMS Rate is not sufficiently greater than the second CMS Rate, the subtraction of the second
CMS Rate from the first CMS Rate minus the Fixed Percentage Amount will result in a negative CMS Spread, and therefore
a negative Reference Rate.
Step 2: Calculate the per annum interest rate for each Interest Payment Date.
For each Interest Period, the per annum interest rate is determined by multiplying the Multiplier by the Reference Rate,
determined on the Interest Determination Date applicable to the relevant Interest Period as described above, subject to the
Minimum Interest Rate and the Maximum Interest Rate. Although the product of the Multiplier and the Reference Rate could
be a negative number (as described above), with the Minimum Interest Rate equal to 0.00%, if the Reference Rate on any
Interest Determination Date is equal to or less than zero, you will receive no interest payment on the related Interest Payment
Date. See "Selected Risk Factors-- Reference Rate / Interest Payment Risk". The per annum interest rate may also be limited
to the Maximum Interest Rate of 11.00%.
Step 3: Calculate the interest payment amount payable for each Interest Payment Date.
For each Interest Period, once the Calculation Agent has determined the applicable interest rate per annum, the Calculation
Agent will calculate the effective interest rate for the Interest Period by multiplying the annual interest rate determined for
that Interest Period by the applicable day count fraction. The resulting effective interest rate is then multiplied by the relevant
principal amount of the Notes to determine the actual interest amount payable on the related Interest Payment Date. No
adjustments to the amount of interest calculated will be made in the event an Interest Payment Date is not a Business Day.

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Pricing Supplement - 2s30s CMS Steepener
Page 7 of 13
FWP2
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Pricing Supplement - 2s30s CMS Steepener
Page 8 of 13
Example Interest Rate and Interest Payment Calculations
The following examples illustrate how the per annum interest rate and interest payment amounts would be calculated for a
given Interest Period to which the Interest Rate Formula applies under scenarios for the relevant CMS Rates and the
Reference Rate. As set forth on the cover of this pricing supplement, the applicable CMS Spread for the Notes is the
difference of the 30 Year CMS Rate minus the 2 Year CMS Rate minus the Fixed Percentage Amount of 0.50%, the
Multiplier is 4.50, the Minimum Interest Rate is 0.00% and the Maximum Interest Rate is 11.00%. The Notes have semi-
annual Interest Payment Dates, and interest payments will be calculated using a 30/360 day count basis (such that the
applicable day count fraction for the semi-annual payment for the Interest Period will be 180/360).
The values of the 30 year CMS Rate and the 2 year CMS Rate set forth in the table below have been chosen arbitrarily for the
purpose of these examples, and should not be taken as indicative of the future performance of the relevant CMS Rates or the
Reference Rate. Numbers in the table below have been rounded for ease of analysis.

Interest Payment
Interest Rate
Effective
Amount
30 Year CMS Rate
2 Year CMS Rate
Reference Rate1
(per annum)2
Interest Rate5

(per $1,000 Note) 6
3.00%

4.20%

1.70%
0.00%3
0.00%

$0.00
5.00%

5.00%

0.50%
0.00%3
0.00%

$0.00
5.25%

4.75%

0.00%
0.00%
0.00%

$0.00
6.00%

5.30%

0.20%
0.90%
0.45%

$4.50
7.00%

5.10%

1.40%
6.30%
3.15%

$31.50
8.50%

5.00%

3.00%
11.00%
5.50%

$55.00
1.
For the Interest Period, the value of the Reference Rate is equal to the CMS Spread (the 30 Year CMS Rate minus the 2
Year CMS Rate minus the Fixed Percentage Amount of 0.50%), as determined on the related Interest Determination
Date.
2.
The interest rate per annum is equal to the product of the Multiplier (4.50) and the Reference Rate for that Interest
Period, subject to the Minimum Interest Rate (0.00%) and the Maximum Interest Rate (11.00%).
3.
The interest rate per annum for any Interest Period shall not be less than the Minimum Interest Rate of 0.00%.
4.
The interest rate per annum for any Interest Period shall not be greater than the Maximum Interest Rate of 11.00%.
5.
The effective interest rate for any Interest Period equals the applicable interest rate per annum multiplied by the day
count fraction (180/360).
6.
The interest payment amount for an Interest Payment Date equals the principal amount times the effective interest rate
for the related Interest Period.
Example 1: If on the Interest Determination Date for the relevant Interest Period the value of the 30 Year CMS Rate is 6.00%
and the 2 Year CMS Rate is 5.30%, the Reference Rate for the Interest Period would be 0.20% (equal to the 30 Year CMS
Rate minus the 2 Year CMS Rate minus the Fixed Percentage Amount of 0.50%). In this case, the per annum interest rate for
that Interest Period would be 0.90% (equal to the Reference Rate times the Multiplier of 4.50), and you would receive an
interest payment of $4.50 per $1,000 principal amount of Notes on the related quarterly Interest Payment Date, calculated as
follows:
Effective Interest Rate = 0.90% × (180/360) = 0.45%
Interest Payment = $1,000 × 0.45% = $4.50
Example 2: If on the Interest Determination Date for the relevant Interest Period the value of the 30 Year CMS Rate is 3.00%
and the 2 Year CMS Rate is 4.20%, the Reference Rate for the Interest Period would be 1.70% (equal to the 30 Year CMS
Rate minus the 2 Year CMS Rate). Because the value of the Reference Rate times the Multiplier of 4.50 results in a per
annum interest rate of 7.65%, which is less that Minimum Interest Rate of 0.00%, the per annum interest rate for that
Interest Period would be 0.00% (the Minimum Interest Rate), and you would receive no interest payment on the related
quarterly Interest Payment Date (the interest payment would be $0).
Example 3: If on the Interest Determination Date for the relevant Interest Period the value of the 30 Year CMS Rate is 8.50%
and the 2 Year CMS Rate is 5.00%, the Reference Rate for the Interest Period would be 3.00% (equal to the 30 Year CMS
Rate minus the 2 Year CMS Rate minus the Fixed Percentage Amount of 0.50%). Because the value of the Reference Rate
times the Multiplier of 4.50 results in a per annum interest rate of 13.50%, which is greater than the Maximum Interest Rate
of 11.00%, the per annum interest rate for that Interest Period would be equal to the Maximum Interest Rate of 11.00%, and
you would receive an interest payment of $55.00 per $1,000 principal amount of Notes on the related quarterly Interest
Payment Date, calculated as follows:
Effective Interest Rate = 11.00% × (180/360) = 5.50%
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Pricing Supplement - 2s30s CMS Steepener
Page 9 of 13
Interest Payment = $1,000 × 5.50% = $55.00

FWP3
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Pricing Supplement - 2s30s CMS Steepener
Page 10 of 13
UNITED STATES FEDERAL INCOME TAX TREATMENT
The following discussion (in conjunction with the discussion in the prospectus supplement) summarizes certain of the
material U.S. federal income tax consequences of the purchase, beneficial ownership, and disposition of Notes. This
summary supplements the section "Certain U.S. Federal Income Tax Considerations" in the prospectus supplement and
supersedes it to the extent inconsistent therewith.
We intend to treat the Notes as contingent payment debt instruments subject to taxation as described under the heading
"Certain U.S. Federal Income Tax Considerations--U.S. Federal Income Tax Treatment of the Notes as Indebtedness for
U.S. Federal Income Tax Purposes--Contingent Payment Debt Instruments" in the prospectus supplement. Pursuant to the
terms of the Notes, you agree to treat the Notes consistent with our treatment for all U.S. federal income tax purposes. As a
result, you may be required to include original issue discount ("OID") in income during your ownership of the Notes in
excess of any cash payments made with respect to the Notes in such taxable year. We intend to treat the excess of any non-
contingent payments on the Notes (i.e., the initial 11.00% interest rate) in an accrual period over the product of the
comparable yield of the Notes and their adjusted issue price as a nontaxable return of principal which, in turn, will reduce the
"adjusted issue price" of the Notes. Additionally, you will generally be required to recognize ordinary income on the gain, if
any, realized on a sale, upon maturity, or other disposition of the Notes. Pursuant to the terms of the Notes, you agree to treat
the Notes consistent with our treatment for all U.S. federal income tax purposes.
You may obtain the comparable yield and the projected payment schedule of the Notes by requesting them from Director--
Structuring, Investor Solutions Americas, at (212) 412-1101. The comparable yield and the projected payment schedule are
neither predictions nor guarantees of the actual yield on the Notes.
Because there are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization
for U.S. federal income tax purposes of securities with terms that are substantially the same as those of the Notes, other
characterizations and treatments are possible. As a result, the timing and character of income in respect of the Notes might
differ from the treatment described above.
Because Barclays Capital Inc. proposes to offer the Notes at varying prices, the "issue price" of the Notes for federal income
tax purposes may differ from the amount you pay for the Notes. You may obtain the issue price of each Note by contacting
Director--Structuring, Investor Solutions Americas at (212) 412-1101. If you purchase the Notes for an amount that differs
from their issue price, you may be subject to special tax rules as described in "Certain U.S. Federal Income Tax
Considerations--U.S. Federal Income Tax Treatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes--
Contingent Payment Debt Instruments" in the accompanying prospectus supplement (in particular, the rules that apply when
a U.S. holder purchases a contingent payment debt instrument for an amount that differs from the adjusted issue price of that
contingent payment debt instrument at the time of the purchase). You should consult your own tax advisor regarding these
rules.
3.8% Medicare Tax On "Net Investment Income"
Beginning in 2013, U.S. holders that are individuals, estates, and certain trusts will be subject to an additional 3.8% tax on all
or a portion of their "net investment income," which may include the interest payments and any gain realized with respect to
the Notes, to the extent of their net investment income that when added to their other modified adjusted gross income,
exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse),
or $125,000 for a married individual filing a separate return. U.S. holders should consult their advisors with respect to their
consequences with respect to the 3.8% Medicare tax.
Information Reporting
Holders that are individuals (and, to the extent provided in future regulations, entities) may be subject to certain foreign
financial asset reporting obligations with respect to their Notes if the aggregate value of their Notes and their other "specified
foreign financial assets" exceeds $50,000. Significant penalties can apply if a holder fails to disclose its specified foreign
financial assets. This information reporting requirement is generally applicable for taxable years beginning after March 18,
2010. We urge you to consult your tax advisor with respect to this and other reporting obligations with respect to your Notes.

FWP4
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