Barclays to price callable contingent coupon notes linked to Tesoro

By Jennifer Chiou

New York, March 27 - Barclays Bank plc plans to price callable contingent coupon notes due March 31, 2016 linked to Tesoro 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 12.5% if Tesoro shares close at or above the barrier level, 68% 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 68% barrier level, in which case investors will be fully 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: 06741J7B9) are expected to price on March 28 and settle on April 2.

Barclays is the agent.

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