Barclays plans callable dual range accrual notes linked to S&P 500

By Susanna Moon

Chicago, May 9 - Barclays Bank plc plans to price principal-at-risk callable range accrual notes due May 31, 2028 linked to Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at 8% for each day that Libor is 6% or less and the index closes at or above the 75% barrier level. Interest will be payable monthly.

The payout at maturity will be par if the index falls by up to 35%.

Otherwise, investors will be fully exposed to any losses if the index finishes below the 65% trigger level.

The notes will be callable at par on any interest payment date beginning May 31, 2014.

The exact terms will be set at pricing.

The notes will price on May 28 and settle on May 31.

Barclays is the agent.

The Cusip number is 06741TUD7.

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