Barclays plans callable contingent coupon notes on Barrick Gold

By Marisa Wong

Madison, Wis., June 23 – Barclays Bank plc plans to price callable contingent coupon notes due June 30, 2016 linked to the common stock of Barrick Gold Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a coupon of at least 2.4% (equivalent to 9.6% per year) if the closing price of Barrick Gold shares is greater than or equal to the barrier price, 70% of the initial share price, on the observation date for that quarter. The exact coupon will be set at pricing.

The notes are callable on any coupon payment date at par.

If the notes are not called and the final share price is greater than or equal to the knock-in price, 70% of the initial price, the payout at maturity will be par. If the final share price is less than the knock-in price, investors will receive a number of Barrick Gold 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 will price on June 25 and settle on June 30.

The Cusip number is 06741JT74.

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