Barclays to price annual reset coupon buffered notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 4 - Barclays Bank plc plans to price annual reset coupon buffered notes due May 31, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable annually and will equal the maximum digital percentage if the index's return for that year is positive or zero. Otherwise, the coupon will be the 3% for that year. The maximum digital percentage is expected to be 5% to 6% and will be set at pricing.

Each year, the index's return will be measured from its level roughly one year prior to the coupon payment date.

The payout at maturity will be par unless the final index level is less than 85% of the initial index level, in which case investors will lose 1% for every 1% that the index declines below the buffer.

The notes (Cusip: 06738K4V0) will price May 29 and settle May 31.

Barclays Capital Inc. is the agent.

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