Barclays plans callable contingent accrual notes on Libor, S&P 500

By Jennifer Chiou

New York, Feb. 10 - Barclays Bank plc plans to price callable contingent accrual notes due Feb. 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 an annualized rate of 7% for each day that Libor is 6% or less and the closing level of the S&P 500 index is greater than or equal to the barrier, which will be 990 to 1,020 and set at pricing. Interest is payable quarterly.

The payout at maturity will be par.

The notes are callable on any quarterly interest payment date beginning on Feb. 17, 2013.

The notes (Cusip: 06738KP96) will price on Feb. 14 and settle on Feb. 17.

UBS Financial Services Inc. and Barclays Capital Inc. are the agents.

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