Barclays plans phoenix autocallables tied to S&P 500, banking fund

By Susanna Moon

Chicago, May 11 – Barclays Bank plc plans to price phoenix autocallable notes due May 29, 2020 linked to the lesser performing of the S&P 500 index and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly contingent coupon at an annual rate of 7% to 8% if each underlying component closes at or above its 70% coupon barrier on the observation date for that quarter. The exact contingent coupon rate will be set at pricing.

The notes will be called at par plus the contingent coupon if each component closes at or above its initial level on any observation date other than the final date.

The payout at maturity will be par unless either component finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the worse performing component.

Barclays is the agent.

The notes will price on May 25 and settle on May 31.

The Cusip number is 06741VTQ5.

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