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Barclays plans five-year phoenix autocallable notes linked to S&P 500
By Marisa Wong
Madison, Wis., May 29 – Barclays Bank plc plans to price phoenix autocallable notes due June 17, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the barrier level, 75% of the initial share price, on a semiannual observation date, the notes will pay a contingent coupon at an annualized rate of 7.25% for that period.
If the index closes at or above the initial price on any semiannual observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and the index finishes at or above the 75% barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the index decline.
Barclays is the agent.
The notes will price on June 12 and settle on June 17.
The Cusip number is 06741UXE9.
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