Barclays plans contingent coupon notes linked to S&P 500, Russell

By Angela McDaniels

Tacoma, Wash., July 10 – Barclays Bank plc plans to price callable contingent coupon notes due April 15, 2021 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.

Each quarter, the notes will pay a contingent coupon if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be 6% to 7% per year and will be set at pricing.

The notes will be callable at par on any coupon payment date after six months.

The payout at maturity will be par unless the final level of the lesser-performing index is less than its barrier level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.

Barclays is the agent.

The notes will price July 11.

The Cusip number is 06744CBP5.

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