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

By Angela McDaniels

Tacoma, Wash., July 11 – Barclays Bank plc plans to price callable contingent coupon notes due July 29, 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.

Each quarter, the notes will pay a contingent coupon if each underlier closes at or above its barrier value, 65% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be 10.5% to 11.5% per year and will be set at pricing.

The notes will be callable at par on any interest payment date other than the final one.

The payout at maturity will be par unless the lesser-performing underlier finishes below its barrier value, 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 July 26.

The Cusip number is 06747N3M4.

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