Barclays to price phoenix autocallables tied to S&P 500, Russell 2000

By Devika Patel

Knoxville, Tenn., June 3 – Barclays Bank plc plans to price phoenix autocallable notes due June 14, 2029 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 6.625% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that month.

The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly observation date, excluding the final date, after one year.

If each index finishes at or above the 65% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.

Barclays is the agent.

The notes (Cusip: 06747MVS2) will price on June 11 and settle on June 14.

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