Barclays plans phoenix autocallables linked to S&P 500, Russell 2000

By Angela McDaniels

Tacoma, Wash., Nov. 6 – Barclays Bank plc plans to price phoenix autocallable notes due Nov. 30, 2022 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 6.65% per year if each index closes at or above its barrier level, 60 of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

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

If the notes are not called and the final level of the lesser-performing index is greater than or equal to its barrier level, the payout at maturity will be par plus the contingent coupon. 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 Nov. 24 and settle Nov. 30.

The Cusip number is 06741US54.

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