Barclays plans step-down callable contingent coupon notes on indexes

By Susanna Moon

Chicago, Feb. 10 – Barclays Bank plc plans to price step-down 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 fixed coupon will be 13% annualized, payable on May 30, 2017. After that, 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 13% initially, stepping down to 12% in May 2018, to 11% in May 2019 and to 10% in February 2020.

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 65% 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 06741VKE1.

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