Barclays to price callable contingent coupon notes on PNC

By Toni Weeks

San Luis Obispo, Calif., April 30 - Barclays Bank plc plans to price callable contingent coupon notes due November 2015 linked to the common stock of PNC financial Services Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a coupon of at least 1.5% (equivalent to 6% per year) each quarter if the closing price of PNC shares is greater than or equal to the coupon barrier price, expected to be 75% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.

The notes are callable on any quarterly contingent coupon payment date at par plus the contingent coupon, if any.

If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to the barrier price. If the final share price is less than the barrier price, investors will receive a number of PNC shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.

The exact terms will be set at pricing.

The notes (Cusip: 06741JZN2) are expected to price and settle in May.

Barclays is the agent.

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