Barclays eyes callable contingent coupon notes linked to S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, April 21 – Barclays Bank plc plans to price callable contingent coupon notes due April 28, 2022 linked to the lesser performing index of the S&P 500 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 annual rate of 7.05% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarterly period.

After April 2018, the notes are callable on any contingent coupon payment date.

The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 55% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.

Barclays is the agent.

The notes (Cusip: 06741VSJ3) will price on April 24 and settle on April 27.

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