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Barclays plans callable contingent coupon notes linked to Phillips 66
By Susanna Moon
Chicago, Feb. 10 – Barclays Bank plc plans to price callable contingent coupon notes due Feb. 24, 2017 linked to Phillips 66 shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 7.1% if Phillips 66 shares close above the 65% barrier level 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 Phillips 66 shares finish below the 65% barrier level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
The notes will price on Feb. 20 and settle on Feb. 25.
The Cusip number is 06741JZ69.
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