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

By Susanna Moon

Chicago, Aug. 18 – Barclays Bank plc plans to price callable contingent coupon notes due Sept. 6, 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 contingent semiannual coupon at an annual rate of 11% to 12% if each asset closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period. The exact coupon will be set at pricing.

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

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

Barclays is the agent.

The notes will price on Sept. 2 and settle on Sept. 9.

The Cusip number is 06741VA51.

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