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Barclays to price callable contingent coupon notes on S&P, oil fund
By Devika Patel
Knoxville, Tenn., Feb. 12 – Barclays Bank plc plans to price callable contingent coupon notes due Feb. 19, 2021 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of between 9% and 10% per year if each underlying closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that period. The exact coupon will be set at pricing.
The notes are callable in whole but not in part on any contingent coupon payment date on or after Aug. 15, 2018 at par plus any coupon due.
The payout at maturity will be par unless either underlying finishes below its 65% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing underlying from its initial level.
Barclays is the agent.
The notes (Cusip: 06744CU33) will price on Feb. 16 and settle on Feb. 26.
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