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Barclays plans autocallable contingent coupon notes on Dow, Russell, S&P
By Sarah Lizee
Olympia, Wash., Aug. 24 – Barclays Bank plc plans to price autocallable contingent coupon notes due Aug. 31, 2023 linked to the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 7% per annum if each index closes at or above its 70% coupon barrier level on the determination date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any determination date after six months other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon unless any index finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
The notes will price on Aug. 26.
The Cusip number is 06747QEE3.
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