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Barclays plans autocallable yield notes on S&P 500, U.S. Oil fund
By Jennifer Chiou
New York, March 8 - Barclays Bank plc plans to price autocallable yield notes due March 16, 2012 linked to the S&P 500 index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is expected to be at least 8.5% to 10.5% and will be set at pricing. Interest will be payable monthly.
The notes will be called at par if each component closes at or above its initial level on June 18, Sept. 18, 2011 or Dec. 18, 2011.
If the notes are not called, the payout at maturity will be par unless either component closes below 75% of its initial level during the life of the notes. In that case, the payout will be par plus the return of the worst-performing component, subject to a maximum payout of par.
The notes (Cusip: 06738KDZ1) are expected to price on March 15 and settle on March 18.
Barclays Capital Inc. is the agent.
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