New Issue: Barclays prices $1.57 million step-up callable contingent payment notes on indexes

By Wendy Van Sickle

Columbus, Ohio, June 30 – Barclays Bank plc priced $1.57 million of step-up callable contingent payment notes due June 28, 2024 linked to the lesser performing 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 annualized rate if each index closes above the 60% coupon barrier on the valuation date for that quarter. The coupon will be 6% initially, stepping up to 8% in June 2021.

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

The payout at maturity will be par unless either index finishes below the 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Step-up callable contingent payment notes
Underlying indexes:	Russell 2000, S&P 500
Amount:	$1,573,000
Maturity:	June 28, 2024
Coupon:	6% initially, stepping up to 8% in June 2021, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless either index finishes below trigger, in which case 1% loss per 1% decline of worse performing index
Call option:	At par on any interest payment date
Initial levels:	2,419.38 for S&P and 1,403.52 for Russell
Coupon barriers/triggers:	1,451.63 for S&P and 842.11 for Russell; 60% of initial levels
Pricing date:	June 27
Settlement date:	June 30
Agent:	Barclays
Fees:	4%
Cusip:	06741VXT4

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