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Barclays plans fixed-to-floating callable dual range accrual notes
By Jennifer Chiou
New York, Nov. 27 - Barclays Bank plc plans to price fixed-to-floating callable dual range accrual notes due Dec. 17, 2027 linked to Libor and the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
Interest will accrue at a rate multiplied by the proportion of days on which Libor is 7% or less and the S&P 500 closes at or above 75% of its initial level. The exact barrier will be set at pricing.
The interest accrual rate will equal 5% for the first five years, going to Libor plus 200 basis points thereafter. Interest will be payable quarterly.
Beginning after one year, the notes may be called at par plus accrued interest on any interest payment date.
The payout at maturity or upon redemption will be par plus accrued interest.
The notes (Cusip: 06741TKX4) will settle on Dec. 17.
Barclays is the agent.
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