Barclays plans autocallable yield notes tied to S&P 500, Russell 2000

By Angela McDaniels

Tacoma, Wash., April 29 - Barclays Bank plc plans to price autocallable yield notes due May 18, 2012 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is expected to be 9% to 11% and will be set at pricing. Interest will be payable monthly.

The notes will be called at par if each index closes at or above its initial level on any of three quarterly observation dates.

If the notes are not called, the payout at maturity will be par unless either index closes below 75% of its initial level during the life of the notes. In that case, the payout will be par plus the return of the worst-performing index, subject to a maximum payout of par.

The notes (Cusip: 06738KHX2) are expected to price May 16 and settle May 19.

Barclays Capital Inc. is the agent.

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