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Barclays plans five-year phoenix autocallables linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Barclays Bank plc plans to price phoenix autocallable notes due Dec. 14, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7.75% to 8.75% if the index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless the index finishes below its 75% barrier level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
The notes will price on Dec. 9 and settle on Dec. 14.
The Cusip number is 06741VF98.
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