Barclays plans callable contingent coupon notes linked to E&P ETF, S&P

By Sarah Lizee

Olympia, Wash., Jan. 30 – Barclays Bank plc plans to price callable contingent coupon notes due Feb. 18, 2022 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 pay a semiannual coupon at an annualized rate of 11% to 12% if each underlier closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that period.

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

The payout at maturity will be par unless the lesser-performing underlier finishes below its barrier level, 65% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines from its initial level.

Barclays is the agent.

The notes will price Feb. 15.

The Cusip number is 06747MCA2.

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