Barclays plans callable contingent coupon notes linked to Transocean

By Susanna Moon

Chicago, March 24 - Barclays Bank plc plans to price callable contingent coupon notes due March 31, 2016 linked to Transocean Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon an annual rate of 10.15% if Transocean shares close at or above the barrier level, 70% of the initial share price, on the valuation date for that quarter.

The notes are callable at par plus the contingent coupon on any interest payment date.

The payout at maturity will be par unless the stock finishes below the 70% barrier level, in which case investors will be fully exposed to any losses or, at Barclays' option, they will receive a number of Transocean shares equal to $1,000 divided by the initial share price.

Barclays is the agent.

The notes will price on March 26 and settle on March 31.

The Cusip number is 06741J7A1.

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