Barclays plans callable contingent coupon notes linked to two funds

By Devika Patel

Knoxville, Tenn., Feb. 21 – Barclays Bank plc plans to price callable contingent coupon notes due Feb. 27, 2019 linked to the lesser performing index of the Financial Select Sector SPDR fund and the Technology Select Sector SPDR 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 6.8% if each fund closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.

The notes are callable in whole but not in part on any contingent coupon payment date after February 2018.

The payout at maturity will be par plus the final contingent coupon unless either fund finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing fund.

Barclays is the agent.

The notes (Cusip: 06741VL42) will price on Feb. 22 and settle on Feb. 27.

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