Barclays plans callable contingent coupon notes tied to SPDR S&P Oil

By Susanna Moon

Chicago, June 15 – Barclays Bank plc plans to price callable contingent coupon notes due June 30, 2017 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11.25% to 12.25% if the fund closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter. The exact coupon will be set at pricing.

The notes will be callable at par on either the second or third contingent coupon payment date.

The payout at maturity will be par unless the fund falls and ever closes below its 70% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses.

Barclays is the agent.

The notes will price on June 27 and settle on June 30.

The Cusip number is 06741V4M1.

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