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

By Angela McDaniels

Tacoma, Wash., Feb. 26 – Barclays Bank plc plans to price callable contingent coupon notes due March 25, 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.

Every six months, the notes will pay a coupon if each underlier closes at or above its barrier value, 65% of its initial level, on the observation date for that semiannual period. The contingent coupon rate is expected to be 11% to 12% per year and will be set at pricing.

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

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 March 22.

The Cusip number is 06747MFC5.

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