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Barclays plans callable dual range accrual notes on Libor, S&P 500
By Marisa Wong
Madison, Wis., May 9 - Barclays Bank plc plans to price principal-at-risk callable fixed-rate range accrual notes due May 31, 2028 linked to Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 8% for each day that Libor is 6% or less and the index closes at or above the 65% barrier level. Interest will be payable quarterly.
The payout at maturity will be par if the index finishes at or above the barrier level. Otherwise, investors will be fully exposed to any losses.
The notes will be callable at par on any interest payment date beginning May 31, 2014.
The exact terms will be set at pricing.
Barclays is the agent.
The notes will price on May 28 and settle on May 31.
The Cusip number is 06741TVE4.
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