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Barclays plans 15-year callable range accrual notes linked to S&P 500
By Susanna Moon
Chicago, March 8 - Barclays Bank plc plans to price fixed-rate callable range accrual notes due March 31, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 6.5% for the first year. After that, interest will accrue at a rate on each day that the index closes at or above 1,050. The rate will be 6.5% beginning March 31, 2012, 8% beginning March 31, 2016 and 9.5% beginning March 31, 2021.
Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date.
Barclays Capital Inc. is the agent.
The notes will price on March 28 and settle on March 31.
The Cusip is 06738KDX6.
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