Barclays to price trigger phoenix autocallables on Russell, S&P 500

By Devika Patel

Knoxville, Tenn., Dec. 11 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due Dec. 20, 2019 linked to 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 8.5% to 9% per year if each index closes at or above its barrier level of 70% on the observation date for that quarter. The exact contingent coupon rate will be set at pricing.

Beginning June 15, 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 the 70% barrier level, the payout at maturity will be par plus the final contingent coupon.

If either index finishes below the 70% barrier level, investors will be fully exposed to the decline of the lesser-performing index.

Barclays is the agent.

The notes (Cusip: 06743T519) will price on Dec. 15 and settle on Dec. 18.

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