Barclays plans callable contingent coupon notes tied to Credit Suisse

By Marisa Wong

Madison, Wis., May 9 - Barclays Bank plc plans to price callable contingent coupon notes due Nov. 14, 2014 linked to the American Depositary Shares of Credit Suisse Group AG, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a 2% coupon (equivalent to 8% per year) if the closing price of Credit Suisse shares is greater than or equal to the barrier price, 65% of the initial share price, on the valuation date for that quarter. Otherwise, holders will not receive a contingent interest payment for that quarter.

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

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 Credit Suisse 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.

Barclays is the agent.

The notes are expected to price May 10 and settle May 15.

The Cusip number is 06741JZW2.

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