Barclays plans 10.5%-12% callable yield notes tied to Freeport-McMoRan

By Susanna Moon

Chicago, Sept. 24 - Barclays Bank plc plans to price 10.5% to 12% callable yield notes due March 28, 2014 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

The notes will be callable at par on any interest payment date.

The payout at maturity will be par if the stock finishes at or above 70% knock-in barrier level.

Otherwise, the payout will be, at the issuer's option, par plus the stock return or a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price.

Barclays is the underwriter.

The notes are expected to price on Sept. 25 and settle on Sept. 28.

The Cusip number is 06741JSW0.

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