Barclays plans phoenix autocallables linked to worse of Russell, S&P

By Wendy Van Sickle

Columbus, Ohio, Jan. 8 – Barclays Bank plc plans to price phoenix autocallable notes due Jan. 29, 2026 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 8.7% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

After one year, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date other than the final one.

The payout at maturity will be par if the lesser-performing index finishes at or above its barrier level, 65% of its initial level.

Otherwise, investors will be fully exposed to the loss of the lesser-performing index.

Barclays is the agent.

The notes will price Jan. 26 and settle Jan. 29.

The Cusip number is 06741U3E2.

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