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Barclays plans autocallable yield notes tied to S&P 500, Russell 2000
By Marisa Wong
Madison, Wis., Sept. 2 - Barclays Bank plc plans to price autocallable yield notes due Sept. 20, 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 7% to 9% 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 70% of its initial level at any time during the life of the notes. In that case, the payout will be par plus the return of the worse performing index, subject to a maximum payout of par.
The notes (Cusip: 06738KUA7) are expected to price Sept. 16 and settle Sept. 21.
Barclays Capital Inc. is the agent.
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