Barclays plans to price phoenix autocallables linked to two ETFs

By Marisa Wong

Morgantown, W.Va., Sept. 8 – Barclays Bank plc plans to price phoenix autocallable notes due Sept. 24, 2020 linked to the lesser performing of the SPDR S&P 500 exchange-traded fund and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If each fund closes at or above the coupon barrier level – 60% of the initial level – on a semiannual observation date, the issuer will pay a contingent coupon for that period at the rate of 7% per year.

If each fund closes at or above its initial level on any semiannual observation date other than the final date, the notes will be called at par plus the contingent coupon.

If the notes are not called and each fund finishes at or above the 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lesser performing fund.

Barclays is the agent.

The notes will price on Sept. 18 and settle on Sept. 23.

The Cusip number is 06741UH23.

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