Barclays plans step-up callable contingent payment notes on indexes

By Susanna Moon

Chicago, May 12 – Barclays Bank plc plans to price step-up callable contingent payment notes due May 28, 2027 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 on the valuation date for that quarter. The coupon will be 7% per annum initially, stepping up to 15% in May 2022.

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

The payout at maturity will be par unless either index finishes below the 50% trigger 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 May 25 and settle on May 31.

The Cusip number is 06741VTZ5.

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