Barclays plans callable step-up contingent coupon notes on Russell, Nasdaq

By Sarah Lizee

Olympia, Wash., Nov. 19 – Barclays Bank plc plans to price callable step-up contingent coupon notes due Nov. 25, 2022 linked to the lesser performing of the Russell 2000 index and the Nasdaq-100 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 5% for the first four years, stepping up to 7% beginning in February 2021 and to 10% starting in February 2022.

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

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

Barclays is the agent.

The notes will price on Nov. 20.

The Cusip number is 06747NP32.

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