Barclays to price phoenix autocallables linked to S&P, Russell ETFs

By Tali Rackner

Norfolk, Va., Oct. 30 – Barclays Bank plc plans to price phoenix autocallable notes due Nov. 25, 2020 linked to the lesser performing of the SPDR S&P 500 exchange-traded fund and the iShares Russell 2000 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Every six months, the notes will pay a contingent coupon if each ETF closes at or above its barrier level, 60% of its initial share price, on the observation date for that semiannual period. The coupon for the first observation date will be 7%, and the coupon for each subsequent observation date will be 3.5%.

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

The payout at maturity will be par unless either ETF finishes below its barrier level, in which case investors will lose 1% for every 1% that the final share price of the lesser-performing ETF is less than its initial share price.

Barclays is the agent.

The notes will price on Nov. 16 and settle on Nov. 23.

The Cusip number is 06741WBE9.

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