New Issue: Barclays prices $2.05 million phoenix autocallables linked to S&P, Russell

By Angela McDaniels

Tacoma, Wash., Sept. 23 – Barclays Bank plc priced $2.05 million of phoenix autocallable notes due Sept. 25, 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 9% per year if each index closes at or above the coupon barrier level, 70% of the initial index level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

Beginning in March 2017, the notes will be called at par plus the contingent coupon if the indexes close at or above their initial index levels on any observation date other than the final one.

If the notes are not called and each index finishes at or above its barrier level, 50% of its initial level, the payout at maturity will be par plus the contingent coupon, if applicable. Otherwise, investors will lose 1% for every 1% that the final level of the lesser-performing index is less than its initial level.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$2,054,000
Maturity:	Sept. 25, 2023
Coupon:	9% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
Price:	Par
Payout at maturity:	Par plus contingent coupon, if applicable, if each index finishes at or above barrier price; otherwise, full exposure to decline of lesser-performing index
Call:	Beginning in March 2017, automatically at par plus contingent coupon if indexes close at or above initial levels on any quarterly observation date other than final one
Initial index levels:	2,139.76 for S&P 500 and 1,228.33 for Russell 2000
Coupon barrier levels:	1,497.83 for S&P 500 and 859.83 for Russell 2000; 70% of initial level
Barrier level:	1,069.88 for S&P 500 and 614.17 for Russell 2000; 50% of initial level
Pricing date:	Sept. 21
Settlement date:	Sept. 26
Agent:	Barclays
Fees:	1%
Cusip:	06741VBY7

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