Barclays plans contingent 6%-8.5% step-up coupon callables on indexes

By Susanna Moon

Chicago, Sept. 15 – Barclays Bank plc plans to price step-up callable contingent coupon notes due Sept. 30, 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 pay a contingent quarterly coupon at an annual rate if each index closes at or above its 67.5% coupon barrier on the observation date for that quarter. The contingent coupon is expected to be 6% for the first five years and 8.5% for the next five years.

The notes are callable at par on any interest payment date.

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

Barclays is the agent.

The notes will price on Sept. 26.

The Cusip number is 06744C2Z3.

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