Barclays plans phoenix autocallables linked to S&P, Russell 2000

By Angela McDaniels

Tacoma, Wash., May 1 – Barclays Bank plc plans to price phoenix autocallable notes due May 30, 2025 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.

Each quarter, the notes will pay a contingent coupon at the rate of 7.65% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

Beginning in May 2016, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.

If the notes are not called and the final level of the lesser-performing index is greater than or equal to its barrier level, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.

Barclays is the agent.

The notes will price May 26 and settle May 29.

The Cusip number is 06741UVG6.

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