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Barclays plans phoenix autocallables linked to S&P 500, Russell 2000
By Susanna Moon
Chicago, Jan. 8 – Barclays Bank plc plans to price phoenix autocallable notes due Jan. 27, 2023 linked to the worse 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 6.95% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
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 before than the final date.
The payout at maturity will be par plus the contingent coupon unless either index closes below the 60% barrier level on any day during the life of the notes and either index finishes below its initial level, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
The notes will price on Jan. 26 and settle on Jan. 29.
The Cusip number is 06741U3B8.
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