Barclays plans trigger phoenix autocallables on Euro Stoxx, Russell

By Angela McDaniels

Tacoma, Wash., May 1 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due May 21, 2020 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be 7.5% to 8.3% per year and will be set at pricing.

Beginning one year after issuance, the notes will be called at par of $10 if each index closes at or above its initial level on any quarterly observation date.

If the notes are not called and each index finishes at or above its 65% trigger level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.

UBS Financial Services Inc. and Barclays are the agents.

The notes are expected to price May 15 and settle May 20.

The Cusip number is 06743N728.

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