Barclays plans 11.5%-13.5% autocallables on S&P 500, Russell 2000

By Toni Weeks

San Diego, Oct. 21 - Barclays Bank plc plans to price 11.5% to 13.5% autocallable yield notes due Oct. 31, 2012 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called automatically at par plus accrued interest if the indexes close above their initial levels on any of three call valuation dates, which are scheduled for four business days preceding the interest payment dates in January, April and July 2012.

A knock-in event will occur if either index falls below the knock-in level, 60% of the initial level, on any trading day.

If a knock-in event does not occur, investors will receive par at maturity. If a knock-in event occurs and the return of the least-performing index is zero or positive, investors will receive par.

If a knock-in event occurs and the return of the least-performing index is negative, investors will share in those losses.

The notes (Cusip: 06738KYE5) are expected to price on Oct. 26 and settle Oct. 31.

Barclays Capital Inc. is the agent.

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