Barclays plans to price phoenix autocallables linked to Russell 2000

By Angela McDaniels

Tacoma, Wash., July 10 – Barclays Bank plc plans to price phoenix autocallable notes due July 19, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 9.75% per year if the index closes at or above the coupon barrier level, 82% to 87% of the initial index level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter. The coupon barrier level will be set at pricing.

Beginning Jan. 14, 2018, the notes will be called at par if the index closes at or above the initial index level on any observation date other than the final one.

If the notes are not called and the index finishes at or above the barrier level, 70% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.

Barclays is the agent.

The notes will price July 14.

The Cusip number is 06744CBR1.

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