Barclays plans step-up callable contingent payment notes on indexes

By Devika Patel

Knoxville, Tenn., July 13 – Barclays Bank plc plans to price step-up callable contingent payment notes due July 29, 2027 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 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 75% coupon barrier level on the valuation date for that quarter. The coupon will be 9% per annum initially, stepping up to 14% after July 26, 2022.

The notes are callable at par plus the contingent coupon on any interest payment date beginning on Oct. 26, 2017.

The payout at maturity will be par unless either index finishes below the 50% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.

Barclays is the agent.

The notes (Cusip: 06744CAB7) will price on July 26 and settle on July 31.

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