Barclays plans callable contingent payment notes tied to two indexes

By Toni Weeks

San Luis Obispo, Calif., Jan. 6 – Barclays Bank plc plans to price callable contingent payment notes due Jan. 29, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent coupon of $15.50 per $1,000 principal amount for each quarter that both components close at or above the 60% coupon barrier level on the valuation date for that quarter.

The notes are callable at par plus the contingent coupon on any interest payment date after one year.

The payout at maturity will be par unless either component finishes below the 60% barrier level, in which case investors will be fully exposed to any losses of the lesser-performing index.

The exact deal terms will be set at pricing.

Barclays is the agent.

The notes are expected to price Jan. 27 and settle Jan. 30.

The Cusip number is 06741UNW0.

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