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Barclays plans three-year market-tied step-up autocallables on S&P 500
By Susanna Moon
Chicago, Dec. 29 – Barclays Bank plc plans to price autocallable market-linked step-up notes due January 2019 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
The notes will be called at an annual call premium of 8% to 9% if the index closes at or above its initial level on the either annual call date.
If the index finishes at or above the step-up value – 125% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 25%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in January.
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