Barclays plans phoenix autocallables linked to S&P 500, Russell 2000

By Sarah Lizee

Olympia, Wash., May 16 – Barclays Bank plc plans to price phoenix autocallable notes due May 29, 2026 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 at the rate of 6% per year if each index closes at or above its coupon barrier value, 70% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

Beginning one year after issuance, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any observation date other than the final one.

The payout at maturity will be par unless the lesser-performing index finishes below its barrier value, 70% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.

Barclays is the agent.

The notes will price May 28.

The Cusip number is 06747MT55.

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