Barclays plans step-up callable contingent payment notes on indexes

By Wendy Van Sickle

Columbus, Ohio, Jan. 6 – Barclays Bank plc plans to price step-up callable contingent payment notes due Jan. 29, 2027 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 72.5% coupon barrier level on the valuation date for that quarter. The coupon will be 10% per annum initially, stepping up to 12% after January 2021 and to 14% after January 2025.

The notes are callable at par plus the contingent coupon on any interest payment date after January 2018.

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.

Barclays is the agent.

The notes will price on Jan. 26 and settle on Jan. 31.

The Cusip number is 06741VGA4.

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