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

By Marisa Wong

Morgantown, W.Va., Oct. 5 – Barclays Bank plc plans to price phoenix autocallable notes due Oct. 12, 2021 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 8% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

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 first and final dates.

If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless either index finishes below its 50% barrier level, in which case 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 on Oct. 6.

The Cusip number is 06741VD25.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.