Barclays plans callable contingent coupon notes linked to Citigroup

By Jennifer Chiou

New York, Nov. 28 - Barclays Bank plc plans to price callable contingent coupon notes due Dec. 4, 2014 linked to Citigroup Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay an annualized coupon of 10% each quarter if the closing price of Citigroup shares is equal to or greater than the barrier price, 55% to 60% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.

The notes will be called at par plus the contingent coupon on any of the quarterly contingent coupon payment dates.

If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to the to-be-set barrier price. If the final share price is less than the barrier price, investors will receive a number of shares equal to the principal amount of notes divided by the initial share price or the cash value of those shares.

The notes (Cusip: 06741JVE6) are expected to price on Nov. 30 and settle on Dec. 5.

Barclays is the agent.

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