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

By Angela McDaniels

Tacoma, Wash., March 15 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due March 29, 2019 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each index closes at or above its trigger level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be 8.15% to 9.15% per year and will be set at pricing.

Beginning Sept. 26, 2016, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.

If the notes are not called and each index finishes at or above its trigger level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be exposed to the decline of the lesser-performing index.

UBS Financial Services Inc. will act as distributor.

The notes will price March 29.

The Cusip number is 06740Q757.

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