Barclays plans step-up callable contingent coupon notes tied to indexes

By Susanna Moon

Chicago, Feb. 6 – Barclays Bank plc plans to price step-up callable contingent payment notes due Feb. 26, 2027 linked to the Euro Stoxx 50 index and the Russell 2000 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 its 75% coupon barrier on the observation date for that quarter. The contingent coupon will be 10% for the first four years, stepping up to 12% in February 2021 and to 14% in February 2025.

The notes will be callable at par on any contingent coupon payment date beginning February 2018.

The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 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 Feb. 23 and settle on Feb. 28.

The Cusip number is 06741VJM5.

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