Barclays plans trigger phoenix callable notes linked to two indexes

By Toni Weeks

San Luis Obispo, Calif., Jan. 23 - Barclays Bank plc plans to price trigger phoenix callable optimization securities due Jan. 31, 2024 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

If each index finishes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon at the rate of 8% to 9% per year, with the exact coupon to be set at pricing. Otherwise, no coupon will be paid for that quarter.

If each index finishes at or above its 70% coupon barrier, the payout at maturity will be par plus the coupon.

If each index finishes below its coupon barrier but at or above its trigger level, 50% of the initial level, the payout will be par.

If either index finishes below its 50% trigger level, investors will be fully exposed to the decline of the lesser-performing index from its initial level.

The notes are callable at par plus the coupon, if any, on any quarterly observation date beginning Jan. 26, 2015.

The notes (Cusip: 0674B725) are expected to price Jan. 24 and settle Jan. 31.

UBS Financial Services Inc. and Barclays are the underwriters.

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