Barclays to price dual range accrual notes linked to Libor, Russell

By Toni Weeks

San Luis Obispo, Calif., May 2 - Barclays Bank plc plans to price principal-at-risk callable fixed-rate dual range accrual notes due May 8, 2023 linked to Libor and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be the inside range rate multiplied by the proportion of days on which Libor is 6% or below and the index's closing level is greater than or equal to the index barrier. The index barrier will not exceed 70% of the initial index level. The inside range rate is expected to be at least 6.9%. Interest will be payable quarterly.

The payout at maturity will be par if the final index level is greater than or equal to the 50% barrier level. If the index declines by more than 50%, investors will be exposed to losses from the initial level to the final level.

Beginning May 8, 2014, the notes will be callable at par on any interest payment date.

The exact terms will be set at pricing.

The notes will settle May 8.

Barclays is the agent.

The Cusip number is 06741TUK1.

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