Barclays plans 7%-8% contingent coupon callables tied to index, fund

By Susanna Moon

Chicago, Jan. 8 – Barclays Bank plc plans to price callable contingent coupon notes due Jan. 22, 2021 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent semiannual coupon at an annualized rate of 7% to 8% if each underlying component closes at or above its 60% coupon barrier on the observation date for that period.

The notes are callable at par on any interest payment date.

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

Barclays is the agent.

The notes will price on Jan. 19.

The Cusip number is 06744CQX2.

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