Barclays to price callable range accrual notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 3 - Barclays Bank plc plans to price callable fixed-rate range accrual notes due May 29, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 6% for the first year. After that, the interest rate will be the per-year rate multiplied by the proportion of days on which the index closes at or above 1,050. The per-year rate will be 6% initially and will step up to 6.75% on May 31, 2016 and to 8% on May 31, 2021. Interest is payable quarterly.

The payout at maturity will be par.

Beginning a year after settlement, the notes will be callable par on any interest payment date.

The notes (Cusip: 06738KJF9) are expected to price May 25 and settle May 31.

Barclays Capital Inc. is the agent.

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