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Barclays to price phoenix autocallables linked to Nasdaq-100, Dow
By Angela McDaniels
Tacoma, Wash., April 11 – Barclays Bank plc plans to price phoenix autocallable notes due April 30, 2020 linked to the lesser performing of the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter. The contingent coupon rate is expected to be 7.5% to 8.5% per year and will be set at pricing.
Beginning six months after issuance, 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 other than the final one.
The payout at maturity will be par unless either index closes below its barrier value during the life of the notes and the lesser-performing index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
Barclays is the agent.
The notes will price April 30.
The Cusip number is 06747MLC8.
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