Barclays plans step-up callable contingent payment notes on indexes

By Wendy Van Sickle

Columbus, Ohio, Dec. 7 – Barclays Bank plc plans to price step-up callable contingent payment notes due Dec. 31, 2026 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 70% coupon barrier level on the valuation date for that quarter. The coupon will be 9% initially, stepping up to 11% 1n December 2020 and to 13% on in December 2024.

The notes are callable at par plus the contingent coupon on any interest payment date after December 2017.

The payout at maturity will be par unless either index finishes below the 50% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.

The exact deal terms will be set at pricing.

Barclays is the agent.

The notes will price on Dec. 27 and settle on Dec. 30.

The Cusip number is 06741VEP3.

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