Barclays plans callable contingent coupon notes linked to Tesoro

By Jennifer Chiou

New York, Nov. 20 - Barclays Bank plc plans to price callable contingent coupon notes due February 2015 linked to Tesoro Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 15% if Tesoro shares close at or above the 71% barrier level on the valuation date for that quarter.

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

If the notes are not called and the final share price is greater than or equal to the 71% knock-in barrier level, the payout at maturity will be par.

Otherwise, investors will be exposed to any losses or, at Barclays' option, they will receive a number of Tesoro shares equal to $1,000 divided by the initial share price.

The notes (Cusip: 06741J5F2) are expected to price and settle in November.

Barclays is the agent.

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