Barclays plans callable contingent payment notes tied to two indexes

By Toni Weeks

San Luis Obispo, Calif., Feb. 5 – Barclays Bank plc plans to price callable contingent payment notes due Feb. 28, 2019 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent coupon at an annualized rate of 5.75% if each underlying index closes at or above its coupon barrier level, 60% of the initial level, on a quarterly valuation date. Otherwise, no coupon will be paid that quarter.

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

The payout at maturity will be par unless the least-performing index finishes below the 60% barrier level, in which case investors will be fully exposed to the decline of the least-performing index.

The notes (Cusip: 06741UQQ0) are expected to price Feb. 24 and settle Feb. 27.

Barclays is the agent.

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