Barclays plans phoenix autocallables due 2024 tied to Russell, S&P 500

By Wendy Van Sickle

Columbus, Ohio, Feb. 3 – Barclays Bank plc plans to price phoenix autocallable notes due Feb. 29, 2024 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.

The notes will pay a contingent quarterly coupon at an annual rate of 6.25% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on observation dates other than the first, second, third and final dates.

The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 60% barrier level during the life of the notes, in which case investors will lose 1% for each 1% decline of the worse performing index.

Barclays is the agent.

The notes will price on Feb. 24 and settle on Feb. 28.

The Cusip number is 06741VK84.

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