Barclays plans step-up callable contingent payment notes on indexes

By Devika Patel

Knoxville, Tenn., March 22 – Barclays Bank plc plans to price step-up callable contingent payment notes due March 31, 2027 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 75% coupon barrier level on the valuation date for that quarter. The coupon will be 10% per annum initially, stepping up to 15% after March 2022.

The notes are callable at par plus the contingent coupon on any interest payment date after March 2018.

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

Barclays is the agent.

The notes (Cusip: 06741VLN0) will price on March 28 and settle on March 31.

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