Barclays plans 7.5%-10% autocallable yield notes on two funds

By Toni Weeks

San Diego, May 15 - Barclays Bank plc plans to price 7.5% to 10% autocallable yield notes due May 23, 2013 linked to the United States Oil Fund, LP and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly. The exact coupon will be set at pricing.

The notes will be called at par if each underlying component closes at or above its initial level on the three call valuation dates, which are Aug. 17, Nov. 16, 2012 and Feb. 19, 2013.

A knock-in event will occur if either underlying component falls below the barrier level, 75% of the initial level, on any trading day during the life of the notes.

If a knock-in event does not occur, investors will receive par at maturity. If a knock-in event occurs and the return of the worst-performing component is at least zero, investors will receive par.

If a knock-in event occurs and the return of the worst-performing component is negative, investors will share in those losses.

The notes (Cusip: 06738K5N7) will price May 18 and settle May 23.

Barclays Capital Inc. is the agent.

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