Barclays plans five-year phoenix autocallables linked to Russell 2000

By Tali Rackner

Norfolk, Va., Dec. 23 – Barclays Bank plc plans to price phoenix autocallable notes due Dec. 31, 2020 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a semiannual contingent coupon at an annual rate of 6% to 6.375% if the index closes at or above its coupon barrier level, 85% of its initial level, on each observation date. The exact coupon will be set at pricing.

The notes will be called at par plus the contingent coupon if each the closes at or above its initial level on any observation date beginning in June 2016.

If the index finishes at or above its 85% barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to any losses.

Barclays is the agent.

The notes will price on Dec. 28 and settle on Dec. 31.

The Cusip number is 06741U2B9.

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