Barclays to price callable floating-rate notes linked to Russell 2000

By Angela McDaniels

Tacoma, Wash., June 10 - Barclays Bank plc plans to price callable floating-rate notes due July 2, 2013 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be Libor plus the spread, which is expected to be 550 basis points and will be set at pricing. Interest will be payable quarterly.

If the final index level is at least 60% of the initial index level, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the index from its initial level.

Beginning Dec. 30, 2011, the notes are callable at par on any interest payment date.

The notes (Cusip: 06738KLS8) will price June 27 and settle June 30.

Barclays Capital Inc. is the agent.

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