Barclays plans trigger phoenix autocallables linked to S&P 500, Russell

By Susanna Moon

Chicago, Oct. 14 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due Oct. 23, 2024 linked to lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7% to 7.5% if each index closes at or above the coupon barrier level, 70% of the initial share price, on the observation date for that quarter.

The notes will be called at par of $10 plus the contingent coupon if each index closes at or above the initial price on any quarterly observation date.

If the notes are not called and each index finishes at or above the 50% trigger level, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to any losses of the worst performing index.

UBS Financial Services Inc. and Barclays are the underwriters.

The notes will price on Oct. 17 and settle on Oct. 22.

The Cusip number is 06740D715.

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