Barclays plans contingent income callable securities on two funds

By Wendy Van Sickle

Columbus, Ohio, Nov. 21 – Barclays Bank plc plans to price contingent income callable securities due Dec. 3, 2021 linked to the worse performing of the Financial Select Sector SPDR fund and the Industrial Select Sector SPDR fund according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of at least 7% if each fund closes at or above its downside threshold level, 75% of its initial level, on the determination date for that quarter.

Beginning Nov. 30, 2017, the notes will be callable in whole but not in part at par plus the coupon payment, if any, on any quarterly payment date other than the final one.

If each fund finishes at or above its downside threshold level, the payout at maturity will be par. If the final level of either fund is less than its downside threshold level, investors will lose 1% for each 1% decline of the lesser-performing fund.

Barclays is the agent, with Morgan Stanley Wealth Management as a dealer.

The notes (Cusip: 06745R636) will price on Nov. 30 and settle on Dec. 5.

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