Barclays plans trigger autocallable contingent yield notes on S&P 500

By Devika Patel

Knoxville, Tenn., Oct. 25 – Barclays Bank plc intends to price trigger autocallable contingent yield notes due Oct. 29, 2021 linked to the S&P 500 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 8% to 8.8% per year if the index closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that quarter. The exact coupon will be set at pricing.

Beginning April 29, 2019, the notes will be automatically called at par of $10 plus the coupon if the index closes at or above its initial level on any quarterly observation date.

If the notes are not called and the index level is greater than or equal to the 70% downside threshold level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial level.

UBS Financial Services Inc. and Barclays are the agents.

The notes (Cusip: 06746V842) will price on Oct. 29 and settle on Oct. 31.

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