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

By Angela McDaniels

Tacoma, Wash., July 25 – Barclays Bank plc plans to price callable contingent coupon notes due Aug. 26, 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 contingent coupon at the rate of 12% per year if each underlier closes at or above its barrier value, 65% of its initial level, on the observation date for that semiannual period.

The notes will be callable at par on any interest payment date other than the final one.

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 Aug. 23.

The Cusip number is 06747NA79.

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