Barclays plans callable range accrual notes due 2026 tied to S&P 500

By Devika Patel

Knoxville, Tenn., Dec. 31 – Barclays Bank plc plans to price callable range accrual notes due July 31, 2026 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at 6.9% per year multiplied by the proportion of days on which the index closes at or above the coupon barrier level, which is 80% of the initial level. Interest is payable monthly.

Beginning on Jan. 28, 2020, the notes will be callable at par on any interest payment date.

If the final index level is greater than or equal to the 80% buffer level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline beyond 20%.

Barclays is the agent.

The notes (Cusip: 06747M7K6) will price on Jan. 28 and settle on Jan. 31.

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