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Barclays to price callable contingent coupon notes on S&P, oil fund
By Devika Patel
Knoxville, Tenn., May 9 – Barclays Bank plc plans to price callable contingent coupon notes due May 22, 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 annual rate of between 9.25% and 9.75% per year if each underlying closes at or above its barrier level, 60% of its initial level, on the observation date for that period.
The notes are callable in whole but not in part on any contingent coupon payment date on or after November 2017.
The payout at maturity will be par unless either underlying finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing underlying.
Barclays is the agent.
The notes (Cusip: 06741VVG4) will price on May 19 and settle on May 26.
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