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

By Wendy Van Sickle

Columbus, Ohio, May 4 – Barclays Bank plc plans to price callable contingent coupon notes due May 23, 2019 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 semiannual coupon at an annualized rate of 9.5% to 10.5% if each underlying asset closes at or above its barrier level, 60% of its initial level, on the observation date for that period.

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

If each asset finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.

Barclays is the agent.

The notes will price on May 20.

The Cusip number is 06741UV2W.

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