Barclays plans contingent coupon callable notes on S&P, oil & gas ETF

By Tali Rackner

Norfolk, Va., Feb. 14 – Barclays Bank plc plans to price callable contingent coupon notes due Feb. 21, 2020 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 annualized rate of 9% to 10% if each underlying asset closes at or above its coupon barrier, 60% of its initial level, on a determination date for that period.

The notes will be callable at par on any contingent coupon payment date.

The payout at maturity will be par plus the final contingent coupon unless either asset finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the least-performing asset.

Barclays is the agent.

The notes will price on Feb. 17 and settle on Feb. 27.

The Cusip number is 06741VJ78.

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