Barclays plans callable contingent coupon notes linked to Apple

By Toni Weeks

San Diego, Dec. 7 - Barclays Bank plc plans to price callable contingent coupon notes due Dec. 11, 2014 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a coupon at an annualized rate of at least 11.25% for each quarter that the closing price of Apple shares is at or above the barrier level, which will be 65% of the initial level.

The notes are callable at par plus the contingent coupon on any of the quarterly contingent coupon payment dates.

If the notes are not called, the payout at maturity will be par if stock finishes at or above the barrier level.

Otherwise, investors will be fully exposed to the decline in the stock.

Settlement may be made, at the issuer's option, in cash or with a number of shares of Apple stock equal to the principal amount divided by the initial price.

Barclays is the agent.

The notes will price on Dec. 7 and settle on Dec. 12.

The Cusip number is 06741JVM8.

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