Barclays plans phoenix autocallables linked to Russell 2000, S&P 500

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Barclays Bank plc plans to price phoenix autocallable notes due Dec. 29, 2023 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 6.4% per year if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

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 after one year.

If each index finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worse performing index.

Barclays is the agent.

The notes (Cusip: 06741VF72) will price on Dec. 28 and settle on Dec. 30.

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