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Barclays to price callable range accrual notes linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Sept. 8 - Barclays Bank plc plans to price fixed-rate callable range accrual notes due Sept. 22, 2025 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be fixed at 7% for the first year. Beginning Sept. 22, 2011, the interest rate will be a fixed percent multiplied by the proportion of days on which the index closes at or above the barrier level, which is expected to be 80% to 85% of the initial level and will be set at pricing. The fixed percent will be 7% per year for years two through five, 7.25% per year for years six through 10 and 8.5% per year for years 11 through 15.
Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Sept. 22, 2011, the notes will be callable at par on any interest payment date.
The notes (Cusip: 06740PQB5) are expected to price Sept. 17 and settle Sept. 22.
Barclays Capital Inc. is the agent.
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