Barclays plans step-up contingent pay callables tied to two indexes

By Susanna Moon

Chicago, June 29 – Barclays Bank plc plans to price step up callable contingent payment notes due July 31, 2028 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter. The contingent coupon will be 6.25% for the first five years, stepping up to 9% beginning October 2023 and to 10% beginning October 2026.

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

The payout at maturity will be par unless either underlying asset closes below its 60% barrier level, in which case investors will be exposed to any losses of the worse performing index.

Barclays is the agent.

The notes will price on July 26.

The Cusip number is 06746XGJ6.

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