Obligation Barclay PLC 2.146% ( US06738KLP48 ) en USD

Barclay PLC

100 % ▼

Royaume-Uni

US06738KLP48 ( en USD )

2.146% par an ( paiement semestriel )

28/06/2023 - Obligation échue

Prospectus brochure de l'obligation Barclays PLC US06738KLP48 en USD 2.146%, échue

1 000 USD

2 275 000 USD

06738KLP4

A ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

Barclays PLC est une banque multinationale britannique offrant une large gamme de services financiers, notamment la banque de détail, la gestion de patrimoine, la banque d'investissement et les cartes de crédit, opérant dans de nombreux pays à travers le monde.

L'obligation Barclays PLC (ISIN: US06738KLP48, CUSIP: 06738KLP4), émise au Royaume-Uni en USD, d'une taille totale de 2 275 000 unités avec un prix actuel au marché de 100%, un taux d'intérêt de 2,146%, une taille minimale d'achat de 1000 unités, une maturité le 28/06/2023 et une fréquence de paiement de 2, notée A par Standard & Poors et A1 par Moody's, est arrivée à maturité et a été remboursée.

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424B2 1 a11-13677_11424b2.htm 424B2

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

$2,275,000
$264.13

(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933.

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Pricing Supplement June 2, 2011
Filed Pursuant to Rule 424(b)(2)
(To Prospectus dated August 31, 2010 and
Registration No. 333-169119
the Prospectus Supplement dated May 27, 2011)

US$2,275,000
FLOATING RATE NOTES DUE JUNE 28, 2023
LINKED TO CHANGES IN THE CONSUMER PRICE INDEX

Principal Amount:
US$2,275,000
Issuer:
Barclays Bank PLC

Issue Price:
Variable Price Re-Offer
Series:
Global Medium-Term Notes, Series
A

Principal Protection
If you hold the Notes to maturity,
Original Issue Date:
June 28, 2011
Percentage:
you will receive at least 100% of
your principal, subject to the
creditworthiness of Barclays Bank
PLC. The Notes are not, either
directly or indirectly, an obligation
of any third party, and any
payment to be made on the
Notes, including any principal
protection provided at maturity,
depends on the ability of Barclays
Bank PLC to satisfy its obligations
as they come due.

Original Trade Date:
June 2, 2011
Maturity Date:
June 28, 2023

CUSIP:
06738KLP4
Denominations:
Minimum denominations of
US$1,000 and integral multiples of
ISIN:
US06738KLP48
US$1,000 thereafter.

Business Day:
New York
Business Day Convention:
Following

London
Modified Following

Euro
Preceding

Other (_________________)

Adjusted or Unadjusted

Interest Rate Type (see Interest Rate Formula below):
Day Count Convention:
Fixed Rate
Actual/360
NL/365

Regular Floating Rate
30/360
30/365

Inverse Floating Rate (see page S-41 of the prospectus
Actual/Actual
Actual/366

supplement for a description of inverse floating rate Notes)
Actual/365
Actual/252 or Business

Other (see description in this free writing prospectus)
Days/252

Reference Asset/Reference Rate:

CD Rate
LIBOR

CMS Rate
Designated LIBOR Page: Reuters: ______

CMT Rate (Reuters Screen FRBCMT Page)
Prime Rate

Commercial Paper Rate
Treasury Rate

Eleventh District Cost of Funds Rate
Consumer Price Index (the "CPI")

Federal Funds (Effective) Rate
Reference Month: 3 calendar months prior to the month of payment

Federal Funds (Open) Rate
date

EURIBOR

Other (see description in this free writing prospectus)

Spread:
1.50%
Maximum Interest Rate:
7.00%

Multiplier:
NA
Minimum Interest Rate:
0.00%

Initial Interest Rate:
4.00%

Interest Rate Formula:
For each Interest Period commencing on or after the Original Issue Date to but excluding June 28, 2013:
the Initial Interest Rate
For each Interest Period commencing on or after June 28, 2013, the interest rate per annum will be equal
to CPI Performance *plus the Spread, subject to the Minimum Interest Rate and the Maximum Interest
Rate.

Interest Payment Dates:
Monthly,
Quarterly,
Semi-Annually,
Annually,

payable in arrears on 28th of every month, commencing on July 28, 2011 and ending on the Maturity Date.

Interest Period:
The initial Interest Period will begin on, and include, the Original Issue Date and end on, but exclude, the
first Interest Payment Date. Each subsequent Interest Period will begin on, and include, the Interest
Payment Date for the immediately preceding Interest Period and end on, but exclude, the next following
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Interest Payment Date. The final Interest Period will end on, but exclude, the Maturity Date (or the Early
Redemption Date, if applicable).

Interest Reset Dates:
For each Interest Period commencing on or after June 28, 2013, the first day of such Interest Period.

Settlement:
DTC; Book-entry; Transferable.

Listing:
The Notes will not be listed on any U.S. securities exchange or quotation system.

Calculation Agent:
Barclays Bank PLC

* As defined in the prospectus supplement. For a description of the calculation of CPI Performance, see "Hypothetical Interest Rate and Interest Payment
Calculations" below.

Barclays Capital Inc. has agreed to purchase the Notes from us at 100% of the principal amount minus a commission equal to $25
per $1,000 principal amount, or 2.50%, resulting in aggregate proceeds to Barclays Bank PLC of $2,218,125 . Barclays Capital Inc.
proposes to offer the Notes from time to time for sale in negotiated transactions, or otherwise, at varying prices to be determined at
the time of each sale. Barclays Capital Inc. may also use all or a portion of its commissions on the Notes to pay selling concessions
or fees to other dealers.
The Notes will not be listed on any U.S. securities exchange or quotation system. 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.
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.

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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-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) 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:

·
Prospectus dated August 31, 2010:

http://www.sec.gov/Archives/edgar/data/312070/000119312510201448/df3asr.htm

·
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 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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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-6 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 -- The amount of interest payable on the Notes (after the initial

Interest Periods for which the Initial Interest Rate is payable) is linked to the CPI Performance, which for
each Interest Payment Date is equal to the annual percentage change in the CPI (as calculated by the
Bureau of Labor Statistics) for the period up to and including the stated calendar month prior to the month
of the relevant Interest Payment Date (the "Reference Month"), as described in the prospectus
supplement. For example, since the Reference Month is specified as the third calendar month prior to the
month of the relevant Interest Payment Date, then for an Interest Payment Date in July of any year from
and including June 28, 2013, the Reference Month would be April, and the amount of interest paid on the
Interest Payment Date in July would be calculated using a CPI Performance that reflects the annual
percentage change in the CPI from the April of the prior year to April of the year in which the Interest
Payment Date occurs. Because the variable rate paid on the Notes is linked to the CPI Performance, if
the CPI decreases, does not increase, or increases only minimally, the amount of interest for any Interest
Payment Date may be lower than for any prior Interest Payment Date and could be as little as the
Minimum Interest Rate of 0.00%; as a result, the effective interest rate on the Notes and the value of the
Notes may be less than the rate on debt securities with the same maturity issued by us or an issuer with a
comparable security rating. In addition, you are assuming the risk that the Bureau of Labor Statistics may
change the way in which the CPI is calculated, which changes may impact the CPI Performance used to
calculate interest for the Notes and could result in lower or no interest payments.
· 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.
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PS-1

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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:

o
the expected volatility of the Reference Rate;

o
the time to maturity of the Notes;

o
interest and yield rates in the market generally;

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

o
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 an effective per annum interest rate equal to CPI Performance plus
the Spread, subject to the Minimum Interest Rate and the Maximum Interest Rate. The following illustrates the
process by which the interest rate and interest payment amount are determined for any such Interest Period.
Interest Rate Calculation

Step 1: Calculate CPI Performance for the applicable Interest Payment Date.

As described in the prospectus supplement, for any applicable Interest Payment Date, CPI Performance is equal
to the annual percentage change in the CPI (as calculated by the Bureau of Labor Statistics) for the period up to
and including the stated calendar month prior to the month of the relevant Interest Payment Date (the Reference
Month).
Stated mathematically, CPI Performance will be calculated as follows:

CPIF CPI
CPI Performance =
I

CPII

where,
CPIF = the CPI level for the applicable Reference Month; and
CPII = the CPI level for the month one year prior to the applicable Reference Month.
For example, if the Reference Month is specified as the third calendar month prior to the month of the relevant
Interest Payment Date, then for an Interest Payment Date in June 2015, the applicable Reference Month would
be March 2015, and CPI Performance would equal the annual percentage change in the CPI from the
March 2014 to March 2015. Similarly, for an Interest Payment Date in March 2015, the applicable Reference
Month would be December 2014, and CPI Performance would equal the annual percentage change in the CPI
from the December 2013 to December 2014.
The following two examples illustrate how a hypothetical CPI Performance would be calculated for an Interest
Payment Date in November 2015, assuming a Reference Month that is the third month prior, in this case
August 2015:

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Example 1: Assuming a hypothetical CPI level of 204 for August 2014 and 208 for August 2015, CPI
Performance for November 2015 would be 1.96%, calculated as follows:

208 204

= 1.96%

204

Example 2: Assuming a hypothetical CPI level of 204 for August 2014 and 199 for August 2015, CPI
Performance for November 2015 would be -2.45%, calculated as follows:

PS-2

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199 204

= -2.45%
204

Step 2: Calculate the per annum interest rate for each Interest Payment Date.

The per annum interest rate for any applicable Interest Payment Date (following the Interest Periods for which the
Initial Interest Rate applies) payable equals CPI Performance, determined as described above plus the Spread,
subject to the Maximum Interest Rate and the Minimum Interest Rate.
In each case, the applicable per annum interest rate for any Interest Payment Date will not be less than the
Minimum Interest Rate of 0.00% and no more than the Maximum Interest Rate of 7.00%. If any Interest Payment
calculated per the above is less than the Minimum Interest Rate or greater than that Maximum Interest Rate, your
interest payment for that Interest Payment Date will be determined using the Minimum Interest Rate or Maximum
Interest Rate, as applicable. As a result, because the Minimum Interest Rate is 0.00%, you will not receive an
interest payment on an Interest Payment Date for which the annual interest rate calculated per the above is zero
or negative.

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, calculated on a 30/360 basis. 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. Because the Minimum Interest Rate on the
Notes is 0.00%, if the per annum interest rate for any Interest Payment Date, calculated as described above, is
zero or negative, you will not receive an interest payment on that Interest Payment Date. No adjustments to the
amount of interest calculated will be made in the event an Interest Payment Date or Interest Reset Date is not a
Business Day.
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 for which interest is linked to CPI Performance, under different CPI level and
CPI Performance scenarios. For purposes of these examples, we have assumed that a CPI level of 208 for the
month one year prior to the Reference Month for the relevant Interest Payment Date. The examples are based on
the Minimum Interest Rate of 0.00% per annum, the Maximum Interest Rate of 7.00% per annum, and the Spread
of 1.50%. The Notes will have monthly Interest Payment Dates, such that the applicable day count fraction for the
applicable monthly interest (calculated using a 30/360 day count basis) will be 30/360.
These values and assumptions have been chosen arbitrarily for the purpose of these examples, and should not
be taken as indicative of the terms of any particular Notes or any future CPI or CPI performance. Numbers in the
table below have been rounded for ease of analysis. These examples do not take into account any tax
consequences from investing in the Notes.

PS-3

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CPI Level for the relevant
Effective
Interest Payment Amount
Reference Month
CPI Performance
Interest Rate per annum1
Interest Rate4

per $1,000 Note5

198

2

-4.81%

0.00%

0.00%

$0.00

200

2

-3.85%

0.00%

0.00%

$0.00

204

2

-1.92%

0.00%

0.00%

$0.00

206

-0.96%
0.54%
0.045%

$0.45
208

0.00%

1.50%

0.125%

$1.25

210

0.48%

1.95%

0.163%

$1.63

212

1.92%

3.42%

0.285%

$2.85

214

2.88%

4.38%

0.365%

$3.65

216

3.85%

5.35%

0.446%

$4.46

218

4.81%

6.31%

0.526%

$5.26

222

3

6.73%

7.00%

0.583%

$5.83

1.
Interest rate per annum = CPI Performance + the Spread (1.50%), subject to the Minimum Interest Rate of 0.00% and the Maximum

Interest Rate of 7.00%.
2.
Where the per annum interest rate is less than the Minimum Interest Rate of 0.00%, the per annum interest rate is set equal to the

Minimum Interest Rate
3.
Where the per annum interest rate is greater than the Maximum Interest Rate of 7.00%, the per annum interest rate is set equal to the

Maximum Interest Rate.
4.
Effective interest rate equals the interest rate per annum multiplied by the day count (30/360).

5.
Interest payment amount equals the principal amount times the effective interest rate.

Example 1: If CPI Performance for the relevant Interest Payment Date is equal to 1.92%, the applicable per
annum interest rate for that Interest Payment Date would be 3.42% for Notes where the interest rate is equal to
CPI Performance + the Spread (1.92% + 1.50%).

Based on the per annum interest rates determined per the above, you would receive an interest payment of $2.85
per $1,000 Note on the Interest Payment Date, calculated as follows:

Effective Interest Rate = 3.42% x (30/360) = 0.285%
Interest Payment = $1,000 x 0.285% = $2.85

Example 2: If CPI Performance for the relevant Interest Payment Date is equal to -3.85%, the applicable per
annum interest rate for that Interest Payment Date would be -2.35%, calculated as follows: CPI Performance +
the Spread (-3.85% + 1.50%). Since the per annum interest rate so determined is less than the Minimum Interest
Rate of 0.00%, the applicable per annum interest rate would be set equal to the Minimum Interest Rate of 0.00%,
and you would receive 0.00 per $1,000 Note on the Interest Payment Date, calculated as follows:

Effective Interest Rate = 0.00% x (30/360) = 0.00%
Interest Payment = $1,000 x 0.00% = $0.00

Example 3: If CPI Performance for the relevant Interest Payment Date is equal to 5.77%, the applicable per
annum interest rate for that Interest Payment Date would be 7.27%, calculated as follows: CPI Performance + the
Spread (5.77% + 1.50%). Since the per annum interest rate so determined is greater than the specified Maximum
Interest Rate of 7.00%, the applicable per annum interest rate would be set equal to the Maximum Interest Rate
of 7.00%, and you would receive an interest payment $5.83 on the related quarterly Interest Payment Date,
calculate as follows:

Effective Interest Rate = 7.00% x (30/360) = 0.583%
Interest Payment = $1,000 x 0.583% = $5.83

PS-4

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