Barclays plans trigger phoenix autocallables linked to Russell, S&P

By Angela McDaniels

Tacoma, Wash., Oct. 2 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due Oct. 22, 2018 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 9.1% to 9.8% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter. The exact contingent coupon rate will be set at pricing.

Beginning April 18, 2016, the notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.

If the notes are not called and each index finishes at or above its barrier level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.

UBS Financial Services Inc. and Barclays are the agents.

The notes will price Oct. 16 and settle Oct. 21.

The Cusip number is 06743Q382.

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