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Barclays plans 15-year callable range accrual notes tied to S&P 500
By Susanna Moon
Chicago, Sept. 23 - Barclays Bank plc plans to price fixed-rate callable range accrual notes due Oct. 20, 2025 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 6.5% for the first year. After that, interest will accrue at a fixed rate for each day that the S&P 500 closes above the reference index level, which is expected to be 80% to 85% of the initial level. Interest will be payable quarterly.
The fixed rate will be 6.5% beginning Oct. 20, 2011, 7.25% beginning Oct. 20, 2015 and 8% beginning Oct. 20, 2020.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Oct. 20, 2011.
The notes (Cusip 06740PVH6) will price on Oct. 15 and settle on Oct. 20.
Barclays Capital Inc. is the agent.
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