Barclays plans step-up callable contingent pay notes linked to indexes

By Susanna Moon

Chicago, Feb. 4 – Barclays Bank plc plans to price step-up callable contingent payment notes due Feb. 27, 2025 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 70% coupon barrier level on the valuation date for that quarter. The coupon will be 9% initially, stepping up to 11% on February 2019 and to 13% on February 2023.

The notes are callable at par plus the contingent coupon on any interest payment date beginning in February 2016.

The payout at maturity will be par unless either component finishes below the 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing component.

The exact deal terms will be set at pricing.

Barclays is the agent.

The notes will price on Feb. 24 and settle on Feb. 27.

The Cusip number is 06741UQH0.

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