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

By Angela McDaniels

Tacoma, Wash., April 4 – Barclays Bank plc plans to price phoenix autocallable notes due May 1, 2023 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 6.75% per year if each index closes at or above its coupon 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 April 2017, 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 other than the final one.

The payout at maturity will be par if the lesser-performing index finishes at or above its barrier level, 60% of its initial level. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.

Barclays is the agent.

The notes will price April 26.

The Cusip number is 06741U7G3.

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