Barclays plans callable buffered range accrual notes linked to S&P 500

By Toni Weeks

San Luis Obispo, Calif., Aug. 1 - Barclays Bank plc plans to price callable buffered range accrual notes due Aug. 30, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 5.3% per year multiplied by the proportion of days on which the index's closing level is greater than or equal to 80% of the initial index level. Interest will be payable monthly.

If the final index level is greater than 80% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.

Beginning in August 2014, the notes will be callable at par on any interest payment date.

The notes (Cusip: 06741TA23) are expected to price Aug. 27 and settle Aug. 30.

Barclays is the agent.

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