Barclays plans to price annual autocallable notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., June 2 - Barclays Bank plc plans to price annual autocallable notes due June 7, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be called at par plus a premium to 8% to 13% per year if the index closes at or above the initial index level on June 10, 2011, June 4, 2012 or June 4, 2013. The exact premium will be set at pricing.

If the notes are not called, the payout at maturity will be par as long as the final index level is at least 70% of the initial level. Otherwise, the payout will be par plus the index return.

The notes will price June 4 and settle June 9.

Barclays Capital Inc. is the agent.

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